Rangers chairman Dave King is set to give evidence on Friday to contest allegations he was in contempt of court in a failure to make a court-ordered £11 million bid for most of the club's shares.

The case before Lady Wolffe at the Court of Session began on Thursday two weeks after she rejected his attempt to thwart a financial watchdog's attempt to bring a halt to proceedings.

On day one, Christopher Jillings, the deputy director general of the Panel on Takeovers and Mergers claimed that the watchdogs "nannied" Mr King, offering more advice than the norm to help him comply with the order.

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The bid was due to be made eight months ago.

Mr King, who was in court to hear the evidence, denies being in contempt of court, has previously said he has no concerns about the case and insisted he is doing all he can to settle the matter.

It is the first enforcement action the Takeover Panel has taken since being given statutory powers 12 years ago.

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Contempt of court is punishable by a fine and imprisonment.

The case arises out of Mr King's failure to comply with a court order in December to make a bid for most of the club's shares after a court ruled he acted with other shareholders to take control in 2015, ousting a board of directors said to be allied to Sports Direct founder Mike Ashley.

Evening Times:

Lord Bannatyne supported the Panel's view that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.

The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.

Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of a bid announcement being made on March 29 - but so far it has not been forthcoming. Mr King has previously said it has been held up because he has to get funds from South Africa to the UK.

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The Ibrox chief has been fighting through the courts to stave off pressure to buy the shares, fearing the heavy financial toll it would place on him.

During one hearing in October, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."

Evening Times:

In April, a letter to shareholders from John Bennett, the chairman of an "independent directors" group of Rangers International Football Club plc said that an original announcement from one of Mr King's companies had not been "cash confirmed" by a third party as required by Rule 2.7(d) of the Takeover Code.

He said in a circular that "this will be addressed promptly" after April 4 so that when the official offer to shareholders is made, the cash to fund it will be ringfenced by a third party.

Mr King's representatives previously argued that the Takeover Panel needed the Lord Advocate's agreement over the unique court action which is being brought as a civil matter, but has criminal consequences.

Lady Wolffe has previously said the court could decide on whether the South Africa-based businessman deliberately chose not to follow the order made by Lord Bannatyne.

It was argued that the Lord Advocate should receive details of the petition and given time to comment on it. It is understood the Panel's representative did not think it was necessary But Lady Wolffe rejected the arguments saying the law dictates that the Lord Advocate's agreement is needed only in some cases.

Senior judges rejected an appeal by Mr King in February against a court order requiring him to make the £11m offer.