NCLT Ahmedabad asks ICICI Bank to share Sebi's exemption order on ICICI Securities' delisting

The order stated that the petitioner company has also not filed an affidavit of undertaking following the reply from the Competition Commission of India's (CCI's) response to the tribunal's notice.

The National Company Law Tribunal Ahmedabad has asked ICICI Bank to share the market regulator's order allowing relaxation in the matter of ICICI Securities delisting.

The directive was in response to a petition filed by a group of minority shareholders led by Bengaluru-based portfolio manager Manu Rishi Gupta, who had raised objections to the delisting of ICICI Securities.

Back in June 2023, ICICI Securities had presented a plan to delist and subsequently merge with parent firm ICICI Bank. On June 29, 2023, the ICICI Bank board had given nod to the plan. In March this year, the delisting plan was approved by shareholders with 72 percent of the minority investors voting in favour.

In an order passed on September 19, the tribunal has said, "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. Further, the Scheme approved by SEBI on 28.11.2023 is also not placed on record".

The order stated that the petitioner company has also not filed an affidavit of undertaking following the reply from the Competition Commission of India's (CCI's) response dated May 9, 2024. The CCI had responded to the notice issued, under Section 230 (%) of the Companies Act, by the NCLT Ahmedabad.

The senior counsel of ICICI Bank stated that CCI's reply was not received by the company since the reply was directly received by the tribunal.

Also read: Quantum MF files appeal against NCLAT order approving delisting of ICICI Securities

The next date for the case as per the order is October 3.

Recently, Moneycontrol had also reported that Quantum Mutual Fund has filed an appeal against an earlier order by the National Company Law Appellate Tribunal (NCLAT), which approved the delisting of ICICI Securities while dismissing objections raised by minority shareholders of the company.

“Quantum Mutual Fund has objected to this ‘scheme’ and has filed an appeal with the Honourable National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi against the order dated August 21st 2024 issued by the Honourable NCLT Mumbai, which dismissed the objections of Quantum Mutual Fund and approved the Scheme,” Quantum said in a statement.

The Mumbai bench of the National Company Law Tribunal (NCLT) had approved the delisting application of ICICI Securities from the stock exchanges and also rejected objections filed by minority shareholders.

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