Supreme Court clears ICICI Securities delisting move

New Delhi

The Supreme Court has approved the delisting of ICICI Securities from stock exchanges. The court rejected a petition by investor Manu Rishi Gupta, who argued the share valuation process was unfair and not in the best interest of shareholders.

ICICI Securities was delisted in March 2024 and became a fully-owned unit of ICICI Bank. Gupta claimed the delisting was rushed and lacked transparency. He also argued that a reverse book building process could have given shareholders a better price.

However, ICICI Securities’ lawyer told the court that Gupta had continued to trade ICICI Securities shares even as late as August 2024, weakening his claims. The Supreme Court did not find enough reason to overturn the delisting.

Nearly 72% of shareholders had voted in favor of the merger between ICICI Securities and ICICI Bank. This vote came after a directive from the National Company Law Tribunal (NCLT) in February 2024 that called for a shareholder meeting. The meeting had 161 equity shareholders or their representatives in attendance.

Quantum Mutual Fund also objected to the delisting, raising concerns for minority shareholders. But earlier in March 2025, the National Company Law Appellate Tribunal (NCLAT) dismissed all such appeals, supporting the delisting.

ICICI Securities had announced the plan in June 2023 to merge with ICICI Bank. The merger included a share-swap deal, where investors would get 67 shares of ICICI Bank for every 100 shares of ICICI Securities.

With the Supreme Court’s verdict, the delisting is now final and legally upheld.