Cinar co-founders Micheline Charest and Ronald Weinberg have rejected the company's decision to fire them from their managerial posts and also its request that they relinquish their seats on the board of directors.

The husband-and-wife team, who have kept a low profile since March when allegations of tax fraud and unauthorised investments came to a head, shot back late Friday through their lawyer, saying that they intend to vigorously defend any allegations of wrong-doing on their part. The two had been co-CEOs, with Charest acting as chairman and Weinberg as president.

The lawyer's statement also said that the duo would not resign as company directors unless the other board members stepped down as well. Charest and Weinberg are majority shareholders, with 62% of Cinar's voting shares, and therefore can not be forced out as directors.