Chase the Rainbow and his trainer Rick Hore-Lacy have again found themselves in the stewards' spotlight after the grey's fourth in the Listed Chester Manifold Stakes at Flemington.

In the Christmas Stakes on Boxing Day when Chase The Rainbow finished 20 lengths last, Hore-Lacy was fined $200 for failing to tell stewards the horse would wear bar shoes.

On Saturday, two owners of Chase The Rainbow complained to stewards they did not approve of the riding instructions for the horse which finished fourth in the $120,000 race.

The owners expressed disappointment with the instructions issued by Hore-Lacy to Damian Lane.

Chase The Rainbow is making a comeback after injuring a suspensory ligament as well as having issues with his feet, which have restricted him to three starts since the 2011 Caulfield Guineas.

Hore-Lacy told stewards the horse's come-from-behind style had been successful in the past.

Chase The Rainbow, who won the 2011 Group Two Bill Stutt Stakes, was towards the rear of the field in the Chester Manifold and came from ninth at the 400m to finish fourth behind Anlon.

Chief steward Terry Bailey said his panel would not be taking the matter further but said there appeared to be some "underlying issues" between the particular owners and the trainer who is also a shareholder in Chase The Rainbow.