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Modi Rubber: HC ruling on LIC suit likely on Aug 24

Our Bureau

NEW DELHI, Aug. 21

THE Mumbai High Court is expected to pronounce judgment on August 24 in the matter of Life Insurance Corporation's (LIC) suit in the Modi Rubber open offer case.

Industry sources said that ``the court is expected to pronounce its judgment on August 24.''

LIC had on July 23 approached the Mumbai High Court seeking an injunction against the transfer of its holding in Modi Rubber Ltd (MRL) to the promoters of the company. LIC had submitted that it had participated in the open offer, made by the Modi Brother s, ``inadvertently'' on account of the ``unauthorised and illegal'' instructions of junior-level officers.

The corporation had contended that its participation in the open offer did not have the approval of its investment committee, whose consent was mandatory.