Man Industries sibling spat likely to be settled amicably

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Man Industries sibling spat likely to be settled amicably

There may be some good news for shareholders of Man Industries soon regarding the ongoing spat between the promoter siblings.

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Excerpts from Reporter's Diary on CNBC-TV18 Watch the full show » Man Industries BSE | NSE 30/05/12 Are Mutual Funds betting on Man Industries?

There may be some good news for shareholders of Man Industries  regarding the ongoing spat between the promoter siblings.

CNBC-TV18 learns that both parties are exploring possibilities of an amicable settlement in the matter and have sought time to work out modalities.

Group chairman RC Manshukhani (RCM) had alleged that his younger brother JC Manshukhani (JCM), who is managing director and vice-chairman of Man Industries, misused powers and violated corporate governance practices.

Man Industries had withdrawn powers of JCM with effect from May 19 due to alleged fraudulent practices, RCM said in a statement to Bombay Stock Exchange.

Meanwhile, JCM had moved the Company Law Board (CLB) following his suspension by the company.

The settlement is likely to conclude in one or two weeks while the CLB has time till September 14 to pass an order in the matter.