31st January was a significant date for Dr. Rajan Lekhraj Mahtani, a noted businessman in Zambia. The long-pending case of Portland Cement Zambia was finally over with court verdict. Justice Mwinde on behalf of Court of Appeal gave the ultimate judgement on case. The verdict was given based on the submitted evidences and testimonials, unlike the decision from the lower Lusaka High Court wherein decision was given without even considering the available evidences and testimonials. According to the decision from this Lusaka High Court, Ventriglias were announced as only shareholders of the Portland Cement factory.
However, this decision was overturned by the higher Court of Appeal. According to verdict of justice Mwinde from higher Court of Appeal, Dr. Rajan Mahtani is the actual owner of the Portland Cement Zambia. The first evidence was transfer of one billion kwachas from Finsbury Investments to Portland Cement Zambia limited. This transfer was against the entire share capital value which Dr. Rajan Mahtani took over and the amount was equal to USD 250,000 and was transferred via Finsbury Investments. The original shareholders agreement was another major critical evidence wherein page number 663 of the original shareholder’s agreement indicated that Dr. Mahtani has completed all payments associated with the transfer
It was also confirmed that electronic placement of signatures was common business practice at the Zambezi Portland. As such, all forgery-related allegations were discarded by the judge. Based on the available evidences, it was finally announced that Dr. Mahtani is the majority shareholder and actual owner of the Portland Cement Zambia factory. Justice Mwinde also condemned the judgement from the lower court judge as the verdict from the Lusaka High Court judge was considered misdirected and unethical
However, this decision was overturned by the higher Court of Appeal. According to verdict of justice Mwinde from higher Court of Appeal, Dr. Rajan Mahtani is the actual owner of the Portland Cement Zambia. The first evidence was transfer of one billion kwachas from Finsbury Investments to Portland Cement Zambia limited. This transfer was against the entire share capital value which Dr. Rajan Mahtani took over and the amount was equal to USD 250,000 and was transferred via Finsbury Investments. The original shareholders agreement was another major critical evidence wherein page number 663 of the original shareholder’s agreement indicated that Dr. Mahtani has completed all payments associated with the transfer
It was also confirmed that electronic placement of signatures was common business practice at the Zambezi Portland. As such, all forgery-related allegations were discarded by the judge. Based on the available evidences, it was finally announced that Dr. Mahtani is the majority shareholder and actual owner of the Portland Cement Zambia factory. Justice Mwinde also condemned the judgement from the lower court judge as the verdict from the Lusaka High Court judge was considered misdirected and unethical