Zambezi Portland Cement case closure brings joy to Dr. Mahtani win huge win

Portland Cement Zambia case is finally over after more than a decade of case proceedings. It is Dr. Rajan Lekhraj Mahtani who finally won this case. The case was won at the higher Court of Appeal. The final stakeholder came from justice Mwinde on 31st January 2019. According to this decision, Dr. Rajan Mahtani holds 58 percent shares at the Zambezi Portland Cement.The majority shareholding means Dr. Mahtani is the actual owner of the factory. To arrive at this decision, several evidences and testimonials were evaluated. It was found that Dr. Rajan Mahtani paid 1 billion kwachas to the Zambezi Portland Cement. This amount is equivalent to USD 250,000 and covered the share capital value which Dr. Mahtani owned. The details were further found on the page 663 of the original Shareholders’ Agreement. In this page, it was confirmed that Dr. Mahtani has made all required payment for owning ZPC shares . Dr. Mahtani does not owe any more costs associated with the factory’s share transfers.

The evidences also confirmed that electronic affixing of signatures was a common and accepted practice at the Zambezi Portland Cement. As such, all forgery related details were discarded by the judge. Dr. Mahtani is now the actual owner with majority shareholding of the ZPC factory. Justice Mwinde from higher Court of Appeal also condemned the Lusaka High Court judge for the latter’s wrong judgement on the case.

Now that the final decision has been given and it is established that Dr. Mahtani is the owner of ZPC, a huge challenge lies for Dr. Mahtani which is to re-establish Zambezi Portland Cement as one of the highest producers of quality cements in Zambia.

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