NCLAT Stands Firm on ICICI Securities Delisting Decision

In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has dismissed petitions challenging the delisting process of ICICI Securities from stock exchanges. The tribunal found no illegality in the process or the terms of the plan, reinforcing the decision made by a vast majority of shareholders.

Key Stakeholders' Decision Upheld

The two-member NCLAT bench emphasized that the petitioners, holding a minimal stake in ICICI Securities, lacked the requisite shareholding to contest the delisting. The process had been approved by 93.82% of equity shareholders and 71.89% of public shareholders, showcasing strong support for the delisting.

Petitioners' Minimal Influence Highlighted

Petitioners Manu Rishi Guptha and Quantum Mutual Fund, with stakes of only 0.002% and 0.08% respectively, were deemed to have insufficient influence over the delisting process. This decision underscores the importance of shareholder majority in corporate governance and decision-making processes.