The Bombay High Court has directed the Securities and Exchange Board of India (SEBI) to disclose the letter that exempted ICICI Securities from the reverse book building process required for delisting.
In a ruling on Wednesday, the court directed SEBI to provide a copy of the letter to Aruna Vinod Modi, a shareholder of ICICI Securities, who had contested the exemption. This, however, is subject to a non-disclosure undertaking by Modi that no part of the exemption shall be shared to any party.
“When we use the expression ‘share’ it would also mean the same will not be even given or shown to any party to read or take inspection and no part thereof shall be re- produced in any manner whatsoever,” the order stated.
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Modi had challenged SEBI’s decision to grant parent ICICI Bank relaxation from rules on delisting the broking firm.
She argued that the regulator had exceeded its authority by granting ICICI Securities this exemption, violating delisting regulations.
Separately, a case is ongoing before the National Company Law Tribunal (NCLT) of New Delhi alleging that ICICI Bank influenced shareholders to support the delisting of ICICI Securities from Indian stock exchanges.
Shareholders claim that ICICI Bank employees, rather than ICICI Securities staff, contacted public shareholders to persuade them to vote in favour of the delisting using a presentation to exploit their lack of expertise. A similar case was previously filed with the NCLT in Mumbai.
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In March, ICICI Securities received shareholders’ approval to delist its stock, paving the way to merge with parent and majority shareholder ICICI Bank despite resistance from some retail shareholders. A total 71.9% of the shareholder votes were cast in favour of the proposal to merge ICICI Securities with ICICI Bank after delisting.
