The tussle between Austral Coke and Gujarat NRE showed no signs of abatement, with Rishi Raj Agarwal, Austral Coke’s MD, saying on Monday that he would conclude the dispute through legal procedures only and will not go in for any out-of-court settlement.

“This is a family dispute, and they want me to withdraw my ownership claims from Gujarat NRE. I will not do this and any possibility of an out-of-court settlement is completely ruled out,” Agarwal told FE. “I have Rs 100 crore worth of shares in Gujarat NRE for which I have not received any dividend.”

The fight between Austral Coke and Gujarat NRE reached the courts on Friday last week, when Austral Coke filed a Rs 600-crore defamation suit against the promoters of Gujarat NRE in the Bombay High Court for maligning Austral Coke’s ongoing initial public offer. Gujarat NRE MD Arun Jagatramka had claimed that Austral Coke inflated capacity and hence misled investors.

Austral Coke is promoted by the father-son duo, who are also the promoters of Gremach Infrastructure Equipments & Projects Ltd. According to an analyst, Gremach has shown speculative activity on the bourses, with the share price having touched a high of Rs 500 in the first week of January 2008, and is now languishing at Rs 90, with a low of Rs 80 in mid-July this year. Gremach shares on Monday were up 4.26% to close at Rs 90.60 on the Bombay Stock Exchange.