According To Supreme Court Zambia, Appeal By The Ventriglias On Portland Cement Is Invalid

According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Portland Cement Zambia factory with 58 percent shares.
By: Dr. Rajan Mahtani
 
LUSUKA, Zambia - Nov. 13, 2020 - PRLog -- According to the latest decision from the Supreme Court, Dr. Rajan Mahtani is to remain the majority shareholder and actual owner of the Portland Cement Zambia factory. This decision came after the Ventriglias challenged the earlier decision made by judge Siavwapa from the higher Court of Appeal. After justice Nkonde from the Lusaka High Court failed to give justice to Dr. Rajan Mahtani and Portland Cement Zambia despite more than a decade of case proceedings, Dr. Rajan Mahtani took his appeal to the higher Court of Appeal. Justice Siavwapa took the case and after nine months of case proceedings and evaluation of the evidences and testimonials, final decision was announced. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is the majority shareholder of the Portland Cement Zambia factory with 58 percent shares and the Ventriglias' owned Ital Terrazzo Limited holds 42 percent shares and thus, do not have any ownership over the factory. Furthermore, the higher Court of Appeal also corrected the amount payable against the majority shareholding and this came to K580,000 as opposed to  the K580 million claimed by the Ventriglias.

The Ventriglias have now challenged this decision from the higher Court of Appeal to the Supreme Court of Zambia. However, a bench comprising of three judges at the Supreme Court Zambia threw this challenge by considering it invalid. The Bench said that according to law, the Ventriglias were required to challenge the decision of the higher Court of Appeal within 14 days of the judgement. However, this challenge came a little too late. At the same time, the challenge does not have any basis or evidence to be accepted by the Supreme Court and therefore, was rejected.

About Dr. Rajan Mahtani
Website: http://drmahtani.com

Dr. Rajan Lekhraj Mahtani is a noted businessman in Zambia with successful companies like Zambezi Portland Cement, Finsbury Investments and Mahtani Group of Companies. He is noted for his philanthropic and charitable contributions towards Zambian society and economy.
End
Email:***@gmail.com
Tags:Zambezi Portland Cement
Industry:Business
Location:Lusuka - Lusaka - Zambia
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse



Like PRLog?
9K2K1K
Click to Share