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Mahtani Loses Ownership Of Zambezi Portland Cement
PROMINENT Ndola businessman Rajan Mahtani has lost his bid to control and run Zambezi Portland Cement.
Ndola High Court Judge Justine Chashi has dismissed Dr. Mahtani’s plea for a court injunction to restrain the Ventriglias, whether by themselves or agents, from holding themselves out as shareholders of the Zambezi Portland Cement Limited.
He wanted the court to make an order that he was the registered and beneficial owner of the 580, 000, 000 issued shares in Zambezi Portland Cement Limited and that the Ventriglias were not registered owners of any shares in Zambezi Portland Cement.
But Judge Chashi ruled that at some stage this claim had been virtually discontinued after the Ventriligias had entered spirited arguments against the claim.
The Ventriglia submitted that Mr. Mahtani’s conduct to continue acting as a shareholder in the face of the dispute before the court was demeaning to the court and an interference in the administration of justice as he was acting as if the court had already declared him as a winner.
The defendants further contended that allowing Mr. Mahtani to exercise legal rights meant to be exercised by undisputed shareholders of the company, would in effect, amount to a finding that he was a shareholder entitled to exercise such rights, thereby disrupting the status quo.
The defendants contended that by appointing the directors to Zambezi Portland Cement, Mr. Mahtan was purporting to exercise its right of alleged shareholder when that right was a subject of the dispute before the court.
In September, 2014, Mr. Mahtani filed a writ of summons in the High Court asking for relief after a dispute over shares and ownership of the Zambezi Portland Cement with the Ventriglia.
Mr. Mahtan wanted the court to restrain the Ventriglia from transferring their purported shares to a company known as Carmago Correa or any person whether corporate until full determination of the matter in court. On 25th November 2014, the Ventriglia’s filed a counter claim in which they were seeking relief through the court to declare that the Ventriglia’s were the only shareholders in Zambezi Portland Cement Limited.
They also wanted the court to declare that they had lawfully rescinded the agreement to transfer 58 percent of the shareholding in the company to Mr. Mahtani for reasons of fraud.
Among other things the Ventriglia were also seeking, was an order that changes made to the membership register be rectified and the filings at the company’s registry reflecting the plaintiff and Ital Terrazo Limited as shareholders be expunged from the company’s registry.
According to the affidavit of evidence, the Ventriglias asserted that through its company secretaries, Mr. Mahtani and his purported directors called for a directors’ meeting to discuss the affairs of Zambia Portland Cement.
Mr. Mahtani also contended that the Ventriglia had no prospects of success in their claim. He went further to argue that the injunction was sought for wrong purposes, saying the purpose of an injunction was to preserve or restore a particular situation until determination by substantive issues between the parties.
In delivering judgment, Judge Chashi noted that even though he had allowed Mr. Mahtani’s advocates to file arguments to the Ventriglia’s arguments, it was clear that the bulk of their arguments bordered on the main issue which could be handled before other courts.
“In determining this matter, I have carefully taken into consideration the affidavit evidence by both parties, though, as I stated earlier, most of it was out of bound and not necessary at this stage. I therefore only took in stride the evidence necessary for the determination of the application before me,” Judge Chashi said.
He said contrary to assertion by Mr. Mahtani’s advocates that he had not taken time to read the entire documents submitted, he had thoroughly read all the evidence submitted before the court.
“I therefore find the assertion that the argument by the plaintiffs that the court might not have the opportunity to go through the voluminous record startling.
“That is the duty of the court. Otherwise, how will the court be able to comprehend the issues before it, it is avoids a perusal of the entire record?” he asked.
“I would in that respect agree with the defendants (Ventriglia) that the plaintiff (Mr. Mahtani) conduct in the face of the dispute before this court is demeaning to the authority of the court and interference in the administration of justice, hence the need for the plaintiff (Mr. Mahtani) to be restrained,” he said.
Judge Chashi said he was satisfied that the case was proper for confirming an earlier ex parte.
“In view of the forestaled, I am satisfied that this is a proper case for confirming the ex parte injunction which was granted on the 28th day of May 2015 and I accordingly so order. Costs to the plaintiff,” he said.
Posted by Editor
on July 16, 2015. Filed under LATEST NEWS.
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MEng in Chileshology
July 16, 2015 at 4:07 pm
Most documentaries show us predators winning in hunts.
Tell you what, there are many times lions, leopards have been seen being beaten or bitten by buffalo, warthogs, etc.
Life is not a straight line. It can warp and warp badly.
Hildah Malama
July 16, 2015 at 4:32 pm
He will be given it back when HH wins in 2016.
In 2016, please vote for HH; the man of peace and progress.
MEng in Chileshology
July 16, 2015 at 4:56 pm
Did you ever do “Can you remember?” any time in your short academic life? Read the article again and then my comments.
This has nothing with HH but predatory lending.
If anything, why should the existence of a private corporate entity depend on party in power?
MEng in Chileshology
July 16, 2015 at 5:15 pm
Here is why HH may not win in 2016:
Let us say:
HH + endorsements + Rainbow + Chitimukulu apathy + C/B voting day rains + Post + 90% Southern Prv turnout = X
Also let:
PF – Miles group – Gayi Chikoti + RB endorsement + National sympathy – GRZ resources = Y
Then Y – X is = 50,000,
Because the 2016 equation will mainly be centered on X + Y + Z and Z will canibalize X!
Wautwa wena Hildah, who spent most of your life in Group D.
MEng in Chileshology
July 16, 2015 at 5:20 pm
Here is why HH may not win in 2016:
Let us say:
HH + endorsements+Rainbow+Chitimukulu apathy + C/B voting day rains + Post + 90% Southern Prv turnout = X
Also let: PF – Miles group – Gayi Chikoti + RB endorsement + National sympathy – GRZ resources=Y
Then Y-X is = 50,000, Because the 2016 equation will mainly be centered on X + Y + Z and Z will canibalize X!
Judge Joe Bidden
July 16, 2015 at 4:11 pm
So what?
makondo
July 16, 2015 at 4:26 pm
Tiyeni oko,who cares ba mathani!!!!!
faraborwa
July 16, 2015 at 4:31 pm
Rupiah bandas era is back mudala
Sir Nyambe
July 16, 2015 at 5:59 pm
Rupiah lost as a sitting President.He is the main causer for MMD’s loss.Surely how can edgar be so naïve to trust this shameless,sefish,corrupt,immoral Rupiah to be his godfather?Worh-up Edgar,Rupiah is up to no good.He messed-up MMD and contributed to UNIP’s colapse.This is just Total Wako ni Wako nonsense.The wise men from the East are long gone/dead.
kakolwe
July 17, 2015 at 5:31 am
Bo Nyambe you have told a lie. RB lost because Sata & Co had managed to win the hearts of the nation by pointing out their alternatives to MMD’s methods. Today’s opposition sucks big time. They are stuck in name calling, blacklisting, hating and yapping away demeaning statements without principles. They’d rather prove that meallie meal prices have risen and hope the rise in price of meallie meal will take them to plot one. If that meallie meal price is checked, they look for some other flimsy event or trait. In short, Lungu rules the next term due to lack of alternative choices.
jabi
July 17, 2015 at 7:06 am
Kakolwe iyo walasa!upnd has never offered solutions but mere politiking,tribal sentiments,insiting violence&now seccesion as their latest tactick!