Minority shareholders of ICICI Securities file lawsuit against delisting move
Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses.
Last month, nearly 72% shareholders approved the scheme of arrangement for the merger of ICICI Securities with its promoter ICICI Bank.
The voting on the merger scheme was done following a NCLT order to consider approving the scheme.
According to the proposed delisting scheme, ICICI Securities shareholders are slated to receive 67 shares of ICICI Bank for every 100 shares held.
ICICI Bank has been under the fire for allegedly coaxing minority shareholders of ICICI Securities (I-Sec) to support the private lender's proposal to delist the broking and investment banking arm.
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The move cames after some shareholders of ICICI Securities claimed on social media that the bank's executives contacted them directly, asking them to vote in favour of the resolution that proposes to delist the broking subsidiary.
Quantum Mutual Fund, which has opposed ICICI Bank's plan to delist ICICI Securities, is also considering legal action against the bank, ET reported earlier.
Capital markets regulator Sebi has granted ICICI Bank exemption from the delisting regulation involving the
