A JUDGE has been urged to pass an unprecedented order which would force Rangers chairman Dave King to make an £11 million offer for the remaining shares in the club.

Advocate James McNeill QC told Lord Bannatyne that the Panel On Takeovers and Mergers believes the Ibrox boss hasn't complied with the law.

The lawyer told the judge how the 2006 Companies Act dictates that entrepreneurs who hold a 30 per cent stake in businesses are compelled to make and offer to buy remaining shares.

He said that financial investigators believe they have established that Mr King acted "in concert" with three wealthy fans who are nicknamed the "Three Bears".

Mr McNeill said that Mr King teamed up with George Letham, George Taylor and Douglas Park to acquire more than 30 per cent of voting rights in Rangers in late 2014.

He told the Court of Session how financial investigators concluded that Mr King was in control of the shares and should be liable to make an offer for the remaining shares.

However, the Court of Session heard how Mr King told the investigators that he didn't act with the three other businessmen.

He told the financial investigators that 14 per cent of the shares were controlled a company called New Oasis Asset Management Limited which was registered in the British Virgin Islands.

Mr King allegedly told investigators that these shares were purchased using money from his family trust.

The businessman said the company was independent from him.

However, the court heard that financial investigators had obtained emails showing that Mr Letham had been in touch with him over the share purchase.

The hearing, before Lord Bannatyne, continues.