Chairman Mike McGinnity said: "We are absolutely sick of hearing about what he is going to do and this is his last chance.
"I have written to him to instruct him that he has got seven days to submit his detailed plan to takeover the club - which he has already said he has in place - and if he fails to meet the the deadline then the matter is closed once and for all.
"It doesn't matter what happens in the future, if he decides to come back at a later date, we will have nothing more to do with the guy."
"He claimed that he pulled out of making his November bid because he got an anonymous phone call in the middle of the night saying that the club are £40 million in debt, not £25 million.
"That is simply ridiculous. Our accountants are Grant Thornton, one of the top auditors in the country.
"And now he is saying that although he would consider firing Peter Reid on performances alone, he feels that he has not had the resources to do the job properly and he would now have to think about it."
City sent Neil Bryson on behalf of the club to the meeting held by Mr Dhinsa on Sunday. Bryson is reported as saying that he did not think of any Mr Dhinsa's answers posed by City supporters including a number of websites and the Sky Blue Trust were properly answered.