Schon Ahmed Noorani has gotten a reprieve after the high court granted him orders to attach shares in eight companies linked to a businessman who he claims has refused to pay him a debt of Sh200 million.
The 8 companies are Real Manangement Service(2002)limited,Real Court Limited ,Fiona Investment Limited,Croydon Ivestments Limited,Twiga properties Limited,Gut Ventures Limited,Shivali Holdings Limited,Jyotin Investments Limited and Granada Trading Company Limited.
“That the orders be and is hereby issued directing the directors and /or agents of the listed companies to furnish the court with financial documents and list of assets of the companies and an account of monies and/or dividends or any form of payments due to Rajendra Ratilal Sanghani within 30 days from the date of the ruling, “ruled Judge Wilfrida Okwany.
Schon in court papers says he has been battling to recover the amount loaned to a friend Rajendra Ratilal Sanghani over a decade ago.
Documents filed in court indicates that Noorani loaned his friend the money between August 2012 and April 2018 and the money would be repaid with interest.
The total amount loaned was Sh477 million and Rajendra paid the amount leaving a balance of Sh167M.
Rajendra admitted the debt but said he fell into financial difficulties owing to prevailing harsh economic conditions.
What followed has been court battles as Noorani sought to recover the debt. In December 16,2021, Justice Wilfrida Okwany allowed Noorani to attach shares in the eight companies, which he had identified.
Justice Okwany ordered the directors or agents of the eight companies to furnish the court with financial documents and account of money or dividends due to Sanghani.
The companies include Real Management Services 2002 ltd, real court ltd, Fiona Investments ltd, Croydon Investments and Twiga Properties ltd. Others are Gut Ventures ltd, Shivali Holdings ltd, Jyotin Investments ltd and Granada Trading Company ltd.
The matter will come up on March 23 to confirm whether the cite companies have complied with the directive.
In 2018, High Court judge Francis Tuiyot told Noorani to wait before taking any action against Rajendra who owed him Sh167 million.
Rajendra owed Noorani Sh167, 270,500 as the balance for a Sh477,100,000 unsecured loan advanced between August 1, 2012 and April 26, 2018.
He had filed for restructuring at the High Court and sought interim orders under Section 304 of the Insolvency Act.