NCLT Ahmedabad approves ICICI Securities delisting

The proposed delisting of ICICI Securities from the BSE and NSE was also approved by the Mumbai bench on August 21.

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26 Aug, 2025 12:21

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NCLT Ahmedabad approved ICICI Securities delisting in a hearing on October 9. In an oral order, the NCLT Ahmedabad bench has also rejected objections filed by minority shareholders.

This comes after objections were raised through two separate petitions by minority shareholders including Quantum Mutual Fund. The minority shareholders have raised concerns on the process being followed for valuation. The NCLT has dismissed both objections. In a note to shareholders on September 18, Ajit Dayal, Founder, Quantum Advisors, Sponsor of Quantum AMC noted that "the Scheme of Arrangement proposed by ICICI Bank to acquire the (around) 25 percent of shares of its listed subsidiary, ICICI Securities via a share swap is a breakdown of every known norm of corporate governance".

The proposed delisting of ICICI Securities from the BSE and NSE was also approved by the Mumbai bench on August 21.

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 board of ICICI Bank board had given nod to the plan. As per the scheme of arrangement, shareholders of ICICI Securities will get 67 shares of ICICI Bank for every 100 shares they hold. Post implementation of the scheme, ICICI Securities will become a wholly-owned subsidiary of ICICI Bank.  Earlier this year in March, the delisting plan was approved by shareholders with 72 percent of the minority investors voting in favour.

(This is a developing story)