Troubled MIC's investment arm Maika Holdings has been slapped with an injunction today by one of its shareholders to stop the implementation of resolutions passed at the annual general meeting on Aug 30.

The main resolution affected by this injunction would be the sale of Maika's only cash cow - insurance company Oriental Capital Assurance Bhd (OCAB).

Maika had sought the sale of this subsidiary to solve its financial woes.

Many shareholders however felt that the sale of OCAB would only mean the sounding of a death bell for the investment company.

The injunction was obtained by Koperasi Nesa today and has been served on Maika Holdings.

Maika will be able to set aside or dismiss the injunction order when the matter comes for hearing on Oct 8.

[Full report to follow]