Criticism of his financial record at Regina and claims that the company paid for his family to holiday in a villa were rebutted by Mr Malik-Noor, who is seeking shareholder support for his re-election to the board at a meeting on 25 April.
He was accused of wasting money on poor marketing, especially in the US where Regina sponsored world polo games and sent the Duchess of York's father, Major Ronald Ferguson, as an adviser.
Last year Regina, which numbers Lady Thatcher and Millwall Football Club among its customers, cut its pre-tax losses from pounds 1.23m to pounds 224,000. But the improved fortunes failed to ease boardroom conflict. Last month Mr Malik-Noor, who with his family trust owns 25 per cent of Regina, sought the removal of a fellow director, Paul Geoghegan. Mr Malik-Noor said the row was about rises in directors' pay, which he said could not be justified. Mr Geoghegan then mustered the support of other directors to have Mr Malik-Noor removed.
In a letter to shareholders yesterday Mr Geoghegan said Mr Malik-Noor had damaged the company. Sales in America had fallen from pounds 450,000 to pounds 72,475. Mr Malik-Noor, his wife, three children and his mother rented a villa during a polo tournament, an expense charged to the company, Mr Geogheghan claimed. Mr Malik-Noor said using the villa was part of sponsorship for the tournament agreed by the board.Reuse content