NCLAT dismisses petitions against ICICI Securities’ delisting process. Quantum Mutual Fund and a public shareholder had challenged an earlier order passed by the Ahmedabad bench of the National Company Law Tribunal (NCLT) The order was subsequently challenged by both the petitioners, alleging undervaluation of shares and manipulation before the appellate tribunal, which on Monday dismissed it. ICICi Securities declared that it would delist and continue as a wholly-owned subsidiary of IC ICI Bank in June 2023. In March 2024, the plan was accepted by shareholders, with 72 per cent of minority shareholders voting in favour of it. As per the scheme of arrangement, shareholders of ICICC Securities (ISEC) will get 67 shares ofICICI Bank for every 100 shares they hold. The plan was authorised by the ICICN Bank board on June 29, 2023, and was approved by the NCLT in August last year. The judgment was pronounced by the appellate Tribunal in open and a detailed order is awaited.