The Supreme Court Zambia Recognises Finsbury’s Interest in ZPC

In 2013, on November 14, the Supreme Court in Zambia delivered a landmark ruling. It quashed the injunction against  Mrs Joan Craven, Rajan Mahtani and Mr. David Kamalarajan Kanaganayagan (the ZPC directors) over ZPC’s ownership.

Munyinda Wanki on an appeal before Lombe Chibesakunda, Marvin Mwanamwamba and Hilda Chibomba recognized Finsbury’s interest in ZPC and quashed the injunction that was given in favour of the Ventriglias in 2010 by the High Court, Ndola. The lingering legal conflict over the ownership of the ZPC was thus brought to an end with the Supreme Court’s ruling. The Supreme Court discharged the ex-parte injunction ad said that the stay granted by the High Court judge Munalula Lisimba was improper and irregular.

ZPC’s ownership is this ratified by the highest judicial body in Zambia and nobody can appeal further against its decision as it has been heard by the full bench of the Supreme Court.

Rajan Mahtani is very happy with Portland ruling. The ruling clarified that Finsbury is a shareholder in Zambezi Portland Cement and that its directors can do business on the company’s behalf. He is also happy thinking that the court’s recognition of the company’s interest in ZPC will allow steady growth of the cement manufacturing plant. In an interview Rajan Mahtani said that the clarification will enable the firm to focus on crucial issues like construction and expansion of lime plant, which will create job opportunities for unemployed youths.