In a landmark judgment, the shareholders and directors of Guardian Bank, namely the Chandaria family, have lost a long-standing legal dispute to Shivali Investments limited and associated parties owned by Mr. Rajendra (Raju) Sanghani.
The court has awarded a settlement of KSh 2.5 billion in favor of Shivali Holdings and others, bringing to conclusion a protracted case that has spanned several years. This ruling marks a significant development in the long-drawn legal battle and reinforces the rights of the claimants under the law.
The legal conflict originated from a 1999 agreement for the sale of 200,000 shares in Guilders International Bank Limited. The sellers were Shivali Investments Limited and other Companies.
The buyers were a group comprising Guardian Bank Limited and several individuals and companies known as the “obligors,” including Amit Chandaria, Hetul Chandaria, Bhavnish Chandaria, Nisha Dinesh Chandaria, Mahesh Maganlal Chandaria, and their firms Conifers Trading Limited, Chandaria Holdings Limited, Dima Limited, Goldera Limited, and Kevis Investments Limited.
