The Securities and Exchange Commission has denied Interpublic Group's July request to keep a proposal by activist shareholder Charles Miller to sell the company off the proxy for its 2005 annual meeting; the SEC's decision could ease the way for a shareholder referendum this fall on whether to put IPG up for sale, reports AdAge. Dr. Miller's "Maximum Value Resolution" is a non-binding proposal urging Interpublic's board "to arrange for the prompt sale" of IPG "to the highest bidder."

IPG is expected to release its proxy statement in the beginning of October, contingent on its plan to file restated financial results for 2000-2004 and quarterly results for 2005 by Sept. 30.

IPG is the subject of an ongoing SEC investigation that began after the holding company discovered accounting irregularities in 2002. IPG revealed last week that it had uncovered "employee misconduct," including falsifying records, misappropriating assets and "inappropriate customer charges."

Previous stories:

- IPG's Unaudited Results: Large Losses on Higher Revenues
- IPG Scandal Eats another CFO, Raises more SEC Eyebrows
- IPG Financial Confusion Deeper than Initially Indicated
- Interpublic Decapitated after Warning of Financial Controls Issues
- IPG Finds Accounting 'Weaknesses,' May Restate Financials