NCLAT Sends Notice to ICICI Bank, ICICI Securities

3 Oct 2024 , 12:58 PM

In response to an appeal filed by a minority shareholder contesting the National Company Law Tribunal (NCLT) ruling of August authorizing the delisting of ICICI Securities, the National Company Law Appellate Tribunal (NCLAT) has sent a notice to ICICI Securities and ICICI Bank.

The delisting plan was adopted by shareholders earlier this year in March, with 72% of the minority investors voting in favor of it. Since the approval, Quantum Mutual Fund has filed an appeal against the decision.

The appeal is directed against the August 21 order of the Mumbai bench of the NCLT, which has also been contested by a few other parties.

ICICI Securities has announced plans to delist and then combine with parent company ICICI Bank back in June 2023. The idea received approval from the ICICI Bank board on June 29, 2023.

ICICI Bank received an order from NCLT Ahmedabad on September 19 requiring them to make SEBI’s exemption letter public. The deadline for submitting the letter is October 3.

“The relaxation granted by the Sebi vide its letter dated June 20, 2023, in terms of Regulation 37 of SEBI Delisting Regulations read with the SEBI Circular dated July 6, 2021, is not placed on record,” the tribunal stated in a ruling dated September 19. Further, the Scheme approved by SEBI on 28.11.2023 is also not placed on record”

For feedback and suggestions, write to us at [e-mail]