ICICI Securities Equity Shares To Be Suspended From March 24

Trading in equity shares of ICICI Securities will be suspended with effect from the closing hours of trading on March 21. March 24 is the record date for the purpose of determining the public shareholders of the company whose equity shares will stand cancelled and to whom the new equity shares of ICICI Bank will be issued according to the swap ratio set out in the scheme.

This move was opposed by the minority shareholders of ICICI Securities who filed a case with the National Company Law Appellate Tribunal, stating that it unfairly favoured the stockholders of ICICI Bank over them.

Despite this move, the proposal garnered popular support with 93.82% of private shareholders and 71.88% of public shareholders supporting it. The NCLAT ruled in ICICI Bank's favour stating that the minority shareholders failed to demonstrate the illegal nature of the delisting and swap-share ratio.