The National Company Law Appellate Tribunal (NCLAT) has issued a notice to ICICI Securities and ICICI Bank in response to an appeal filed by a minority shareholder, challenging the National Company Law Tribunal (NCLT) decision of August approving the delisting of ICICI Securities.

The appeal is against the order issued on August 21 by the Mumbai bench of NCLT, which has been challenged by few other entities as well.

Back in June 2023, ICICI Securities had presented a plan to delist and subsequently merge with parent firm ICICI Bank. On June 29, 2023, the board of ICICI Bank board had given nod to the plan.

Earlier this year in March, the delisting plan was approved by shareholders with 72 percent of the minority investors voting in favour. Since the approval, an appeal was filed by Quantum Mutual Fund against the approval.

On September 19, NCLT Ahmedabad issued an order to ICICI Bank directing them to disclose SEBI's exemption letter. The letter is to be submitted by October 3.

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In an order passed on September 19, the tribunal has said, “The relaxation granted by the Sebi vide its letter dated June 20, 2023, in terms of Regulation 37 of SEBI Delisting Regulations read with the SEBI Circular dated July 6, 2021, is not placed on record. Further, the Scheme approved by SEBI on 28.11.2023 is also not placed on record".

The order stated that the petitioner company has also not filed an affidavit of undertaking following the reply from the Competition Commission of India's (CCI's) response dated May 9, 2024. The CCI had responded to the notice issued, under Section 230 (%) of the Companies Act, by the NCLT Ahmedabad.

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