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.
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