SC upholds delisting of ICICI Securities shares, dismisses investor’s plea

The Supreme Court connected Wednesday upheld the delisting of ICICI Securities, dismissing a petition by investor Manu Rishi Gupta. The plea had challenged the stock valuation process arsenic unfair, arguing that a reverse publication gathering (RBB) mechanics mightiness person resulted successful a amended terms for shareholders.

In March, ICICI Securities was delisted, and it became ICICI Bank's wholly owned arm.

Before the apex court, Gupta’s counsel argued that the delisting of ICICI Securities was done successful an opaque and rushed mode and termed it "shocking".

In response, the ICICI Securities' counsel had told the seat that Gupta continued to indulge successful buying and selling of shares of ICICI Securities, including arsenic precocious arsenic August 2024.

In March, astir 72% of shareholder votes were formed successful favour of the strategy of statement for the merger of ICICI Securities with its promoter ICICI Bank, according to the past filing made to the exchanges.

The voting connected the merger strategy was done pursuing a National Company Law Tribunal (NCLT) bid of February 14, 2024, to see approving the scheme. The gathering was attended by 161 equity shareholders including authorised representatives.