In a recent development, Quantum Mutual Fund has filed an appeal against the National Company Law Tribunal Mumbai's decision to approve the delisting of ICICI Securities Ltd., people with knowledge of the matter have said.
The tribunal's decision came despite objections raised by minority shareholders.
Previously, the NCLT's Mumbai bench had given the green light to ICICI Securities' delisting plan, which involved exchanging 67 ICICI Bank Ltd. shares for every 100 ICICI Securities shares held. This decision follows an earlier shareholder vote, where 93.8% of ICICI Securities' equity shareholders approved the delisting scheme.
However, Quantum Mutual Fund, holding a 0.08% stake, and minority shareholder Manu Rishi Gupta, holding 0.002%, objected to the delisting process. Both parties claimed undue influence by ICICI Bank employees during the shareholder voting process. Despite their protests, the NCLT dismissed these concerns, cleared the path for the delisting.
In conversation with NDTV Profit at the time, Gupta had expressed dissatisfaction with the outcome, suggesting that the fight was far from over. "We are keeping our options open. This is just the beginning, and we are prepared to take the legal battle forward," Gupta had said.
Meanwhile a similar case against delisting of ICICI Securities is pending before the Bombay High Court as well.
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