NCLD approves ICICI Securities delisting

ICICI Securities: ICICI Securities will now be delisted. This is because the Mumbai bench of the National Company Law Commission (NCLD) on Wednesday approved ICICI Securities' application to delist from the stock exchanges on Wednesday, August 21, 2024. He also overruled the objections of the minority shareholders. What will shareholders get if ICICI shares are delisted? The Mumbai bench of NCLD, in its oral order, approved the scheme of arrangement for delisting the shares of ICICI Securities. Under the new arrangement, shareholders of ICICI Securities will get 67 shares of ICICI Bank for every 100 shares they hold. The court also rejected the objections of minority shareholders Quantum Mutual Fund and Manu Rishi Gupta. Quantum Mutual Fund holds 0.08 percent stake and Manu Rishi Gupta holds 0.002 percent stake. He opposed this proposal of ICICI Securities. The scheme has already received the approval of 93.8 per cent shareholders of ICICI Securities. ICICI Securities will become a subsidiary of ICICI Bank. It is promoted by ICICI Bank. Meanwhile, ICICI Securities, Rs. It claims to have settled the matter of alleged violation of regulatory norms with SEBI by paying Rs 69.82 lakh. In a stock exchange filing, ICICI Securities has submitted a resolution application to the Securities and Exchange Board of India (SEBI) regarding the inspection of books and records of the company's commercial banking operations. These considerations primarily relate to the due diligence followed by the Company as a merchant banker. Case settled to avoid protracted proceedings: According to company information, to avoid any protracted proceedings following the show cause notice issued by SEBI, ICICI Securities submitted an application to SEBI for settlement under settlement rules in this matter. After making the payment, the company received the settlement order dated August 20, 2024 passed by SEBI on the same day. Also Read: RBI Governor Shaktikanta Das Named World's Best Banker For Second Consecutive Year