Pleas against delisting of ICICI Securities scrapped

National Company Law Appellate Tribunal (NCLAT) on Monday dismissed petitions challenging

ICICI Securities

’ delisting process from stock exchanges.
It said the failed to demonstrate any illegality in either the process followed for sanctioning the scheme or in the terms of the plan itself.
A two-member NCLAT bench said the petitioners did not have requisite shareholding and were trying to stop a process approved by 93.82% of equity shareholders and 71.89% of public shareholders.
Petitioners Manu Rishi Guptha and Quantum Mutual Fund, respectively, have 0.002% and 0.08% stake of

ICICI

Securities.