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 objec...