ICICI Securities minority investors to challenge delisting
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Mumbai: A group of investors led by Bengaluru-based investment manager Manu Rishi Gupta is planning to approach the National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses. The private lender's scheme of arrangement to delist ICICI Securities received approval from the subsidiary's public shareholders in a voting process last month. Some individual investors of ICICI Securities have formed a 'joint action group' with a plan to object to this scheme of arrangement in the NCLT. According to a person familiar with the development, over 200 retail shareholders of the brokerage have already joined this group and have begun raising funds through crowdfunding. These shareholders have been asked to give a Power of Attorney, nominating Gupta as their representative to execute the legal proceedings. The group has yet to appoint lawyers to file the lawsuit. Quantum Mutual Fu...