NEW DELHI, FEBRUARY 21: The stalemate over the sale of 44 per cent stake by financial institutions (FIs) in Modi Rubber Ltd (MRL) is likely to continue with some shareholders dragging FIs to the Monopolies and Restrictive Trade Practices (MRTPC) on the issue.Institutional sources said that the shareholders have alleged in their petition that FIs were acting in connivance with other tyre manufacturers. FIs including Unit Trust of India (UTI), Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) hold a substantial chunk of the 44 per cent stake in MRL. IDBI's stake in the company is comparatively low.Repeated attempts to contact MRL officials were proved to be futile. Reportedly, domestic tyre companies like JK Tyres, Ceat Tyres, Continental AG and Apollo Tyres have submitted their bid with SBI Capital Markets to buy the stake in the domestic tyre company.
