Group of shareholders led by a Bengaluru-based investment manager has approached the National Company Law Tribunal over ICICI Bank’s plan to delist its broking arm ICICI Securities from Indian bourses.ET on April 24 had reported Manu Rishi Guptha would approach the NCLT against the private lenders’ plans. As per the scheme, shareholders of ICICI Securities would receive 67 shares of ICICI Bank for every 100 equity shares held in ICICI Securities.Empower Your Corporate Journey with Strategic Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Chief Operations Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitIn the previous month, ICICI Securities disclosed that approximately 72 per cent of its shareholders supported the delisting and subsequent merger with ICICI Bank, despite most retail investors being against the proposal.Shareholders of the brokerage company on March 28 cast their votes on the plan to remove the company from the stock exchange and turn it into a wholly-owned subsidiary of its parent company, ICICI Bank. Additionally, 83.8 per cent of institutional investors supported the proposal, whereas 67.8 per cent of non-institutional investors opposed it.Sources had informed ET that over 200 retail shareholders of the brokerage were raising money to object the scheme of arrangement in the NCLT. “We are currently evaluating various options available to protect the interest of our investors,” Ajit Dayal, founder of Quantum Advisors, sponsor of Quantum Mutual Fund had told ET earlier. Quantum MF alleged that the merger was flawed and bridled with irregularities that would adversely affect the minority shareholders.The capital markets regulator has granted ICICI Bank exemption from the delisting regulation involving the requirement of the listed holding company and listed subsidiary being in the same line of business.Quantum MF had voted against the delisting resolution saying that swap ratio is at a lower valuation and is detrimental and prejudicial to the minority shareholders, including the fund house unitolders.”The swap ratio will result in a net loss of at least approx Rs 17,767 million to ISec minority shareholders, including at least approx Rs 61 million (Rs 6.1 crore) to the unitholders of the schemes of Quantum Mutual Fund.Also, the fund house has asked ICICI Bank to refrain from taking any further steps or do any act towards implementation of the scheme of merge, failing which adopt appropriate legal proceedings, including filing applications before the NCLT and other regulatory bodies.(With agency inputs)(You can now subscribe to our Economic Times WhatsApp channel)(You can now subscribe to our Economic Times WhatsApp channel)Investment IdeasStock Report PlusePaperWealth EditionView all Stories