Man Industries has rallied 16% at Rs 147 on hopes of an amicable settlement between the promoter siblings, Rameshchandra Mansukhani and Jhamaklal Mirchumal Mansukhani.

Jhamaklal Mansukhani had sold 600,000 equity shares of the company to Deepadevi R Mansukhani On Monday, August 29, 2011, through a block deal at an average market price of Rs 124.75 a share  on the Bombay Stock Exchange (BSE).
 
In another block deal, Kimatdevi Jhamaklal Mansukhani had bought 1.27 million shares from Vaze Nakul Dilip on the National Stock Exchange (NSE).

Earlier in May 2011, Group chairman RC Mansukhani had alleged that his younger brother JC Mansukhani, who is managing director and vice-chairman of Man Industries, misused powers and violated corporate governance practices.

The board of directors of the company had withdrawn the powers of management exercisable by J. C. Mansukhani as the managing director of the company with effect from May 19 due to alleged fraudulent practices. Meanwhile, J. C. Mansukhani had moved the Company Law Board (CLB) following his suspension by the company.

The stock opened at Rs 128 and touched a high of Rs 149 on the NSE. A combined 393,404 shares have changed hands on the counter till 1442 hours.