Dr. Rajan Mahtani can certainly cheer now with the final announcement of the Zambezi Portland Cement case. This case is age-old as Dr. Rajan Mahtani had first registered the case almost a decade back. The case was first registered at the Lusaka High Court where it took the maximum time to provide any decision. The decision came after a decade, in the month of May, 2018. Justice Nkonde was the one giving the decision and according to this decision, Ventriglias were considered as only shareholders of the Zambezi Portland Cement. This decision was extremely controversial and was against the interests of the public policies. As a result, Dr. Rajan Mahtani was left with no other option but to approach the Court of Appeal.
The Court of Appeal is one of the highest civilian and judiciary courts in Zambia. The judge at the Court of Appeal was justice Mwinde who announced the final decision for Portland Cement on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares and is the minority shareholder with no legal ownership over the factory. According to the judge, this decision aligns with the original shareholder agreement established in the year 2007.
Furthermore, Justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was biased, misdirected and without any evidence.
The Court of Appeal is one of the highest civilian and judiciary courts in Zambia. The judge at the Court of Appeal was justice Mwinde who announced the final decision for Portland Cement on 31st January 2019. According to this judgement, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares and is the minority shareholder with no legal ownership over the factory. According to the judge, this decision aligns with the original shareholder agreement established in the year 2007.
Furthermore, Justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was biased, misdirected and without any evidence.