The day 31st January 2019 has been extremely remarkable for Dr. Rajan Mahtani. On this day, he was finally given justice for the long battle he has been fighting for the legal takeover of the Portland Cement Zambia. The cement factory has been contested by two major business parties in Zambia, one of them being Dr. Mahtani. It is a known fact that the case was initially registered at the Lusaka High Court where it went for more than ten years without any firm decision. The final decision from the Lusaka High Court came only during the month of May, 2018. However, this decision was extremely controversial as the judge from the Lusaka High Court gave the final decision that Ventriglias were only shareholders of the Zambezi Portland Cement.
To counter this decision, Dr. Rajan Mahtani was left with no option than to approach the Court of Appeal, one of the highest court systems in Zambia. The judge at the Court of Appeal was Justice Mwinde and he announced the final judgement on 31st January 2019. This judgement was given based on the evidences, testimonials and other factual details shared by the both teams. As per this decision, Finsbury Investments holds 58 percent shares at the factory and is the majority shareholder of the factory. On the other hand, Ital Terrazzo Limited holds 42 percent shares at the factory and is the minority shareholder of the Zambezi Portland Cement. Based on this decision, Dr. Rajan Mahtani owned Finsbury Investments is the legal owner of the factory.
By giving this decision, the judge at the Court of Appeal effectively reversed the judgement from the Lusaka High Court.
No comments:
Post a Comment