The markets regulator is examining complaints from several shareholders of ICICI Securities who allege that ICICI Bank employees tried to get them to vote for the delisting in late March
A group led by a Bengaluru-based investment manager has contested ICICI Bank s bid to delist its brokerage arm, ICICI Securities. Despite shareholder support for the merger, retail investors opposed it. The proposed swap ratio and alleged irregularities have sparked objections, with Quantum Mutual Fund urging legal action to protect minority interests.
72% of shareholder votes favored the ICICI Securities-ICICI Bank merger. Concerns raised over alleged coercion of minority shareholders by ICICI Bank, prompting potential regulatory scrutiny on the voting process.