NCLAT upholds ICICI Sec delisting, dismisses appeal against NCLT order

IN a major relief for ICICI Bank and ICICI Securities, the National Company Law Appellate Tribunal (NCLAT) on Monday dismissed petitions challenging ICICI Securities' delisting process from the stock exchanges.

- 

A Delhi-based two-member NCLAT bench, comprising Justice Yogesh Khanna and Technical Member Ajay Das Mehrotra, dismissed petitions filed by Quantum Mutual Fund and Manu Rishi Gupta, a public shareholder.

Quantum and Gupta had argued that the share swap ratio was unfair to minority shareholders and filed a petition in NCLAT against National Company Law Tribunal (NCLT) approval.