Court
of Appeal, one of the most noteworthy courts of Zambia, as of late
declared that Dr. Rajan Mahtani is the majority shareholder and
proprietor of Zambezi Portland Cement. This choice went ahead 31st
January 2019; around nine months after Lusaka High Court gave the
ruling against Dr. Rajan Mahtani's cases. On May 2018, the Lusaka
High Court judge declared that the Italian family Ventriglias were
only shareholders of Zambezi Portland. Be that as it may, this choice
was denounced by numerous and the judge from the Court of Appeal
adequately switched this unscrupulous judgment by giving back
responsibility for Portland to Dr. Rajan Mahtani possessed Finsbury
Investments.
According
to the new decision, Finsbury Investments hold 58 percent shares at
the production line and is the dominant shareholder. Then again, the
Ventriglias possess 48 percent shares and are the minority investors
of the cement manufacturing plant. This choice is totally lined up
with the first Shareholders Agreement set up in the year 2007. The
judge from the Lusaka High Court disregarded this basic proof
bringing about failure to understand the situation. Besides, the
judge from the Court of Appeal has likewise disposed of all claims of
imitation by expressing that the act of precisely putting marks for
business exchanges is regular in Zambezi Portland and different
organizations in Zambia and nobody ought to be charged for this.
The
sum total of what parties have been solicited to regularize the deals
from the shares according to the new Shareholders Agreement just as
the choice from the Court of Appeal. Timetable given for this is
three months from judgment date. Finsbury Investments has
additionally asserted K1 billion against full instalment made in the
year 2005 for picking up larger part share capital at the Zambezi
Portland Cement and is probably going to win this settlement.
