NCLT approves ICICI Securities' scheme of delisting from the bourses

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The Mumbai bench of the National Company Law Tribunal approved ICICI Securities Ltd’s application for delisting the company from the stock exchanges on Wednesday.

The division bench of Justice Virendra Singh G. Bisht and a technical member Prabhat Kumar, while approving the scheme in an oral order, also dismissed two applications that objected to the delisting scheme. The detailed order was not uploaded till the time of filing the story.


Earlier on August 5, the NCLT Mumbai had reserved its order after hearing both sides.

Before that, challenging the objections ICICI Securities argued that the two applications filed against the company’s proposed delisting are in complete derogation of the principle of shareholder democracy and has sought to dismiss the same.


The country’s second-largest private-sector lender ICICI Bank’s affiliate firm argued that the applicants have no locus standi whatsoever, to file the applications or raise any objection. During the arguments, Senior Counsels Janak Dwarkadas and Chetan Kapadia appeared for ICICI Securities and argued that the proviso to Section 230(4) of the Companies Act provides that any objection to a scheme of arrangement under Section 230 of the Act shall be made only by persons either holding at least 10% of equity or 5% of the total outstanding debt, as per the latest audited financial statement. “In view of the minuscule shareholding of the Applicants, it is submitted that the Applicant is not entitled to object to the Scheme and Application is therefore not maintainable,” argued the company further. In the matter, Sandeep Singhi, senior partner of the law firm Singhi & Co. Advocates and Trilegal are advising ICICI Securities and ICICI Bank respectively.

In two separate applications, Quantum Mutual Fund and an investor Manu Rishi Guptha have objected to the proposed delisting of ICICI Securities with the arguments that the swap adversely affects minority shareholders. Quantum Mutual Fund and Manu Rishi Guptha hold 0.08% and 0.002% of the paid-up equity share capital of ICICI Securities respectively.

The company, while objecting to the minority shareholders’ applications also argued that the delisting proposal has been approved by 93.82% in value of the equity shareholders of ICICI Securities. Further, 71.89% in value of the public shareholders have approved it which is well above the requisite threshold under applicable law.

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