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NCLAT backs ICICI Securities delisting
Hindustan Times Patna
|March 11, 2025
The companies appeal court on Monday upheld the delisting of ICICI Securities Ltd from the stock exchanges, rejecting challenges by shareholders Quantum Mutual Fund and an individual investor.
NEW DELHI:
"All appeals dismissed," remarked the Delhi bench of the National Company Law Appellate Tribunal (NCLAT) while pronouncing its judgment.
Quantum Mutual Fund had approached NCLAT in September to oppose ICICI Securities' delisting, citing concerns over its impact on minority shareholders. Earlier, the Ahmedabad bench of the National Company Law Tribunal (NCLT) had approved the delisting, dismissing the fund's objections.
ICICI Securities in June 2023 announced its plan to delist and merge with its parent company, ICICI Bank Ltd. Shareholders approved the plan in March 2024, with 72% of minority shareholders voting in its favour.
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