The Company Law Board has dismissed JC Mansukhani's plea against Man Industries, reports CNBC-TV18.
The company's vice chairman and managing director JC Mansukhani had approached the CLB challenging the steel pipe maker's decision to suspend him for alleged involvement in insider trading.
Mansukhani has also sought the restructuring of the board, which is headed by his elder brother RC Mansukhani, the chairman.
According to CLB, JC Mansukhani is not entitled to any reliefs. It said Man Industries is not a "glorified partnership" or family run company. It finds no oppressive acts committed by RC Mansukhani against JC Mansukhani.
It also said there was no evidence of any money being siphoned by company officials.
Shares of Man Industries were quoting at Rs 146.95, up Rs 0.85 in late morning trade.
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