ICICI Securities confirmed that it has received an email from NCLT informing that certain shareholders of the Company have filed an application before the NCLT (New Delhi) regarding delisting of equity shares.
"The e-mail also mentions that the matter shall be listed before the bench subject to scrutiny/defect free. The requisite representation will be made by the company in relation to the application," said ICICI Securities in an exchange filing dated April 28.
Moneycontrol on April 28 had reported that a group of minority shareholders led by investor Manu Rishi Guptha have filed a class action suit with the National Company Law Tribunal or NCLT against ICICI Securities on the delisting plan.
Moneycontrol had previously reported that the shareholders were contemplating legal action. The shareholders had raised concerns on due process not being followed, wrong valuation, and attempts of influencing shareholders to vote in favour of the delisting.
According to the minority shareholders, the current valuation is based on a report from June 29, 2023. They allege that it is does not factor in the bull market run during the period and improved position of ICICI Securities.
ICICI Securities' shares closed 3.98 percent higher at Rs 758.4 on the NSE.
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