ICICI Security shareholder moves NCLAT against order on delisting
ICICI Securities has approached the National Company Law Appellate Tribunal (NCLAT) challenging the National Company Law Tribunal's order approving the company's delisting application from the stock exchanges. On August 21, the NCLT's Mumbai bench dismissed two objections to the delisting scheme and allowed delisting.
On Friday, Bengaluru-based investment manager Manu Rishi Guptha filed an appeal in the NCLAT, New Delhi. In an exchange filing, the ICICI Bank said it received an intimation from NCLAT on Friday that one shareholder of ICICI Securities holding 13, 050 shares of ICICI Securities has e-filed an appeal before NCLAT against the order of NCLT dismissing their application. Guptha and a few investors are opposing the terms of the proposed delisting of ICICI Sec.
The main grounds for the appeal in NCLAT against the NCLT order include «misapplication of Regulation 37 of SEBI's Delisting of Equity Shares Regulation 2021, failure to address SEBI's administrative warning letters dated June 6, 2024, allegations of electoral malpractices and a fraudulent voting process, an unjustifiable swap ratio and share valuation, and concerns over promoting non-transparency and sealed cover proceedings», according to Guptha's counsel Kaushik Chatterjee.
In two separate applications, Quantum Mutual Fund and minority shareholders led by Manu Rishi Gupta have opposed the proposed delisting of ICICI Securities, arguing that the share swap negatively impacts minority shareholders.
Chatterjee, who represented the shareholders in
