As per the latest update on the case between Dr. Rajan Mahtani and the Ventriglias, the judge has announced that the case hearing is closed. This is hailed as a milestone for the case which has been pending for the past nine years. The case was registered by Dr. Mahtani after the Zambezi Portland Cement was forcefully taken over by the Ventriglias. Dr. Mahtani is the owner of the Mahtani Group of Industries and Finsbury Investments, the latter being registered in the case. He also owned the Zambezi Portland.
The Ventriglias have counterclaimed that the shares held by Dr. Mahtani are not paid for. At the same time, Finsbury Investments has claimed shareholding of 58 percent which has been further substantiated by various evidence such as signed shareholder agreement and financial exhibits. Furthermore, Finsbury Investment also claimed that the total capital shares for the factory were paid entirely by Finsbury and the Ventriglias did not invest an even single cent in the share capital. During his ownership at the factory, Dr. Rajan Mahtani conducted audits by independent auditors. As per this independent report, Zambezi Portland Cement was established under joint venture partnership and Dr. Mahtani is registered as the sole joint venture partner. All these facts clearly indicate that with majority shares and joint venture partnership, Dr. Rajan Mahtani is the actual owner of the Zambezi Portland.
As per the judge handling this case, the final judgment will be announced post evaluation of the written and oral submissions. Both parties have been given time till December 2017 to share their submissions.
