ICICI Securities Delisting: SEBI Exemption Submitted In Sealed Cover, Shareholders Object To Secrecy At NCLT

Mumbai: The capital market regulator SEBI exemption on ICICI Securities delisting was submitted before the company law tribunal on Thursday.

The exemption letter relaxing its delisting requirements was submitted by the ICICI Bank in a green sealed envelope raising objections by ICICI Securities shareholders on the secrecy by the market regulator.

The Ahmedabad bench of National Company Law Tribunal had directed the bank to submit the exemption letter in September but on Thursday (3 October) the submission was not filed in an affidavit. “ It was submitted before the tribunal bench in a taped cover to avoid leak of the sensitive information in the letter,” disclosed senior SEBI official.

The tribunal bench did not hear the submissions on laws regarding documents submitted in sealed covers to which ICICI Securities shareholders raised objections.

Earlier Mumbai bench of NCLT has approved the ICICI Securities delisting and has rejected the objections of the minority shareholders against it. The appeal against the approval is also being heard by the National Company Law Appellate Tribunal in New Delhi.

The NCLT Mumbai had approved the scheme under which ICICI Securities shareholders would receive 67 ICICI Bank Ltd. shares for every 100 shares held. scheme had earlier secured approval from 93.8% of ICICI Securities' equity shareholders.