ICICI SECURITIES DELISTING - Privacy rules breached: Shareholders tell NCLT
Business Standard|May 14, 2024
ICICI Securities breached shareholder privacy and administration rules by sharing the details of shareholders with ICICI Bank, minority shareholders told the National Company Law Tribunal (NCLT) on Monday.
KHUSHBOO TIWARI & BHAVINI MISHRA

They said that employees of ICICI Bank called and misled shareholders to vote in a particular way in the name of "spreading awareness".

The lawsuit, filed by minority shareholders led by Bengalurubased investment manager Manu Rishi Guptha, said ICICI Bank influenced shareholders to support its proposal to delist the private lender's broking subsidiary from Indian stock exchanges. They said that ICICI Bank employees, not the employees of ICICI Securities, contacted public shareholders, persuading them to vote in favour of delisting. They said that bank employees created a PowerPoint presentation to influence shareholders and exploit their lack of technological expertise.

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