As per the latest judgment detail from the Court of Appeal, Dr. Rajan Mahtani is the majority owner of the Zambezi Portland Cement. This decision from the Court of Appeal judge knocked down the criminal intentions of the Ventriglias and effectively reversed the judgment by Lusaka High Court. Justice Nkonde from the Lusaka High Court announced last year that Ventriglias were only shareholders of the Zambezi Portland Cement. However, Dr. Rajan Mahtani was not happy with the judgment and as a result, requested another appeal to the Court of Appeal.
The judge from the Court of Appeal was justice Mwinde. The judge took almost 90 minutes during the morning hours of 31st January 2019 when the final judgment on the Portland Cement was announced, nine months after Lusaka High Court gave its misdirected judgment. The judge from the Court of appeal also said that the judge below him was wrong in declaring Ventriglias as the only shareholders of Zambezi Portland Cement without any proof or evidence. As per the new decision, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited owns 42 percent shares and is the minority shareholder of the Zambezi Portland Cement. This decision aligns with original shareholders agreement and is confirms that Dr. Rajan Mahtani is the majority shareholder of the Zambezi Portland.
As per the instructions from the Court of Appeal, parties have been given a timeline of three months from the judgment date during which, all are required to complete the process of share regularization. While a bit late, this decision from the Court of Appeal is a welcome move for honest and transparent businessmen like Dr. Rajan Mahtani who are constantly trying to improve their business as well as the economic and social conditions of the society.
