NCLAT Upholds ICICI Securities Delisting Amid Shareholder Challenge

NCLAT dismissed appeals challenging ICICI Securities' delisting, citing no demonstrated illegality. Majority shareholders approved the plan, but appellants with minor stakes delayed it. The tribunal noted adherence to corporate democracy and confirmed NCLT's prior approval despite allegations of share undervaluation.

The National Company Law Appellate Tribunal (NCLAT) dismissed appeals against ICICI Securities' delisting process, affirming there was no illegality involved. This decision comes after a challenge from minor stakeholders who argued against the approval.

Manu Rishi Guptha and Quantum Mutual Fund challenged the delisting, highlighting undervaluation concerns. However, the NCLAT emphasized shareholder democracy, pointing out the vast majority's approval.

The tribunal upheld the National Company Law Tribunal's (NCLT) previous decision, confirming the absence of any grounds to annul the delisting. The shareholder-approved plan grants ICICI Securities shareholders ICICI Bank shares, solidifying its status as a subsidiary.