The National Company Law Tribunal (NCLT), Mumbai, on Wednesday, approved the delisting of ICICI Securities (I-Sec) from the stock exchanges, dismissing the objections raised by minority shareholders Quantum Mutual Fund and Manu Rishi Gupta. The decision is a positive development for ICICI Bank and ICICI Securities, as it sets a precedent for other similar cases currently ongoing in NCLT Ahmedabad and NCLT Delhi.
The minority shareholders have expressed opposition to the share swap ratio proposed for delisting the brokerage. Under the proposed delisting plan, I- Sec shareholders will receive 67 shares of ICICI Bank for every 100 shares they currently hold. Following delisting, ICICI Securities will become a wholly-owned subsidiary of the bank.
The division bench of Justice Virendra Singh G Bisht and a technical member Prabhat Kumar, while approving the scheme in an oral order, also dismissed two applications that objected to the delisting scheme.
Markets see strong recovery in last hour! Nifty near 24,800, Sensex above 80,900 Stocks To Watch: Zomato, Bajaj Auto, IndusInd Bank, Poly Medicure, HCL Tech, Saraswati Saree Depot Axis Bank and Visa unveil super premium credit card for India’s elite – Check benefits Will the Nifty reclaim 25,000 and start the expiry week with new highs? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
Shares of ICICI Securities declined by over 7 % to close at Rs 786 apiece on the BSE on Wednesday.
Manu Rishi Gupta, a minority shareholder who is the founder of MRG Capital- a Bengaluru-based investment fund, holds a 0.002% stake in ICICI Securities, whereas Quantum MF holds a 0.08% stake.
On April 10, Quantum Mutual Fund, a minority shareholder, had objected to the scheme of merger of ICICI Securities with parent firm ICICI Bank, saying it is “flawed and bridled with irregularities” and will adversely affect minority shareholders of the broking firm.
They had alleged undue influence by ICICI Bank employees on the voting process. They claimed that ICICI Bank officials reached out to minority shareholders of ICICI Securities, asking them to vote in favour of the proposed delisting before the actual vote on March 27, 2024. Minority investors also claimed that ICICI Securities breached shareholder privacy norms by sharing the details of shareholders with ICICI Bank before the proposed delisting vote.
Also Read
Markets see strong recovery in last hour! Nifty near 24,800, Sensex above 80,900
ICICI Securities, on March 28, received shareholders’ nod to delist its stock, paving the way to merge with parent and majority shareholder ICICI Bank despite resistance from some retail shareholders. As per the results of the shareholder vote, 71.9% of the shareholder votes were cast in favour of the proposal to merge ICICI Securities with ICICI Bank after a delisting process.
The Bombay High Court is also hearing a similar case. The court had on August 7 directed the Securities and Exchange Board of India to disclose a letter that granted ICICI Securities an exemption from the reverse book building process required for delisting. Come from Sports betting site VPbet
Related Posts
By admin • January 2, 2025 • Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply. U.S. West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month. The May contract gained 14 cents to $77.45 a barrel by 0150 GMT.
Brent crude for April delivery ticked up 14 cents to $83.17 a barrel, while the May contract added 13 cents, rising to $82.24 a barrel. “The premium of spot prices over near-date futures has been widening over recent weeks, indicating a robust demand outlook in the near term,” ANZ analysts wrote in a note. Oil prices rose 1% on Wednesday, with oil contracts tied to near-term deliveries hitting their highest premium in months.
Also Read
Crude oil prices hover near 3-week highs on Middle East tensions, China demand Come from
Sports betting site VPbet Refinery restar…
By admin • December 27, 2024 • Asian equities slipped to their lowest in more than 11 months on Tuesday, while the dollar wobbled in cautious trading ahead of a slew of economic data that will provide clues to the next steps from the U.S. Federal Reserve.
Oil prices recovered some of the previous day’s losses in early Asia trade as nervousness prevailed in the market amid worries that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region.Come from Sports betting site
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.28% lower at 473.37, having touched 472.73 – the lowest since November 2022. The index is down 3% for the month and set for its third consecutive month in the red. Japan’s Nikkei fell nearly 1%.
The High Stakes of PMAY-U 2.0: India’s urban housing gamble Can India be the next China? UBS jots down India’s to-do list to grab a …
By admin • December 27, 2024 • Shares of rate-sensitive sectors, including banking, finance, automobiles, and real estate, are trading marginally higher after the Reserve Bank of India’s Monetary Policy Committee (RBI MPC) decided to keep the repo rate unchanged at 6.5% for the seventh consecutive time.
Governor Shaktikanta Das announced this decision on June 7, stating that the majority vote was 4:2. Additionally, the RBI MPC decided by a 4:2 majority to remain focused on the “withdrawal of accommodation.”
As of mid-day trading, the Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Auto, and Nifty Realty indices are trading in the green, with gains of up to 1%.
73% of Indian brands developing AI guidelines, with 82% seeing clear benefits in AI-driven content creation, reveals Adobe study Kolkata rape-murder case: AIIMS’ Doctors set up elective outpatient services outside Nirman Bhawan as part of extended strike Meghalaya High Court bans single-use plast…
By admin • December 26, 2024 • The psychedelic music festival that is PSI King’s Sensorium in Psychonauts 2 is a huge location, with multiple smaller sections within a larger map. It’s big and involved, and requires you to drive around a campground to locate PSI King’s five senses to get the band back together. Scattered throughout its many locations are a ton of Figments, emotional baggage, Nuggets of Wisdom, and more Come from Sports betting site VPbet. Here’s a full rundown of everything you can find in the level to increase your intern rank inside the PSI King’s mind.
We’ve got even more Psychonauts 2 coverage and guides, including our rundown of all the collectibles in Loboto’s Labyrinth, Hollis’s Classroom, Hollis’ Hot Streak, Ford’s Follicles, Strike City, Compton’s Cookoff and Tomb of the Sharkophagus. And don’t forget to check out our Psychonauts 2 review.
PSI King’s Sensorium Collectibles
By admin • December 26, 2024 • Fans waiting for the second season of The Last of Us might want to get comfortable. Writer-director Craig Mazin said at NAB Show Live in Las Vegas recently that Season 2 is still in the script stage, according to Deadline.
Mazin also confirmed that Season 2 will film in British Columbia, but apart from that, he didn’t share much in the way of specifics. Mazin did, however, tease that there remains “quite a bit of story to tell” and went on say that The Last of Us will continue beyond Season 2 as expected.
“Our plan is to do it not just for one more season,” he said. “We should be around for a while.”
Neil Druckmann, who created the game series and works on the TV show as well, already plainly confirmed that Season 3 is in the works. It is believed that Season 2 will adapt the events of The Last of Us: Part II, but whether or not Season 2 covers the entire game or just some of it remains to be seen. Mazin and Druckmann have said the TV series won’t go beyond the eve…
By admin • December 19, 2024 • In Australia and casino operator Crown Resorts Limited reportedly soon intends to begin offering ‘cashless’ play at its trio of domestic properties while ceasing the use of foreign junket firms.
According to a report from Yahoo Finance, these revelations came from the Chairman for the New South Wales Independent Liquor and Gaming Authority, Philip Crawford, during a press conference to discuss the firm’s progress towards obtaining a gambling license for its new Crown Sydney property.
Detrimental denial:
Crown Resorts Limited was initially refused a casino license for the $1.5 billion Sydney development in February owing to concerns that it may have been complicit in a slew of money laundering offenses tied to its utilization of junkets. Operators purportedly often partner with such enterprises in order to promote their venues to wealthy overseas gamblers and handle these individuals’ subsequent travel, accommodation and foreign banking or credit needs.
<…