In an advertisement in the local dailies on Monday, January 17, Jack & Jill Supermarket owner, Schon Ahmed Noorani, through his lawyers, invited interested individuals to place bids for shares owned by his wealthy friend and businessman, Rajendra Ratilal Sanghani.
In the notice, Noorani revealed that he was seeking to recover a total of Ksh195 million from the latter after he defaulted on a debt.
“The public in general and the directors and shareholders of the following companies (listed companies) are hereby notified that on December 16, 2021, the Honourable Court in the aforestated case issued orders for attachment and sale of all the shares owned by Rajendra Ratilal Sanghaniin in realisation of a debt of Ksh195 million plus the monthly accruing interest wherefore the said shares remain encumbered and the said person’s interest in the shares of the highlighted companies restricted.
“Any person wishing to deal with the said companies is hereby advised to get in touch with the undersigned advocates,” read the notice dated January 13, 2022.
Some of the companies the tycoon had shares in included Real Court Limited, Real Management Services 2002 Limited, Fiona Investment Limited and Shivali Holdings Limited among others.
The trouble between the two friends started in August 2012 when Noorani loaned Sanghani Ksh477 million with a promised that the money would be repaid with an interest of 18 per cent.
Sanghani then partially paid the money back but fell into financial problems and could not settle the balance of about Ksh167 million, which has since accrued interest.
He filed for bankruptcy but the application was declined with the court noting that he had numerous investments that amounted to millions of shillings.
“While the court is not expected to carry out a detailed examination as to the fortunes (perhaps misfortunes) of the debtor, the evidence presented must be such as to make out a prima facie case that the debtor is insolvent and is unable to pay his/her debts,” ruled the Judge.
Reports indicated that when Noorani attempted to sell the shares, he discovered that they had been registered under different names and that Sanghani was living lavishly.
The complainant argued that Sanghani owned numerous properties including houses on Riverside Drive worth Ksh450 million and two others valued at a combined Ksh800 million in Nairobi and Mombasa.