Dr. Rajan Mahtani Wins The Case At The Court Of Appeal, Announced Majority Shareholder

Dr. Rajan Mahtani has been fighting for the legal takeover of the Portland Cement Zambia case for more than a decade. The case was first registered at the Lusaka High Court where it proceeded for almost ten years at the hands of numerous judges. Despite sharing evidences and testimonials, Dr. Rajan Mahtani was not given true justice as the judge at the Court of Appeal announced that the Ventriglias were only shareholders of the Zambezi Portland Cement. Not considering this judgment to be his final fate on the cement factory, Dr. Mahtani decided to approach the Court of Appeal.

The Court of Appeal announced its final decision on 31st January 2019. The judgment was given by justice Mwinde and was announced during the morning hours of the court session. By giving this decision, the judge at the Court of Appeal effectively reversed the judgment by Lusaka High Court judge. After looking into the evidences, testimonials and other facts, Justice Mwinde arrived at the decision that Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, the evidences and facts also indicated that Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and is the minority shareholder with no legal ownership over the factory. Based on this shareholding pattern, it is clear that Dr. Rajan Mahtani is the legal owner of the Zambezi Portland Cement factory. This decision from the Court of Appeal judge also aligns with the original shareholders agreement which was established in the year 2007.

While giving this judgment, Justice Mwinde from Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland Cement as this decision was made without looking into evidences and testimonials. Furthermore, a timeline of three months from the date of the judgment has been given by the Court of Appeal judge for completing share sales processes.