He said Morgan Grenfell's parent, Deutsche Bank, signed a non-compete clause two years ago as a shareholder in Punch after Osmond bought Allied Domecq's pub estate.
Osmond added: "We will continue to pursue this. They can't just dismiss the clause as unenforceable."
But a Morgan Grenfell source said: "The feeling is that there is not really a case to answer. The worst case scenario is that Osmond gets an injunction ... but that should only delay things a few days."
Sunday Business 18/03/01
The Mail on Sunday 18/03/01
page 12 (Financial Mail)