ICICI Securities shares drop 5% following NCLT's approval for delisting from stock exchanges

The division bench, led by Justice Virendra Singh G. Bisht and Prabhat Kumar, dismissed two objections to the delisting scheme.

ICICI Securities argued that the objections violated shareholder democracy principles and claimed the applicants lacked legal standing.

Senior Counsels Janak Dwarkadas and Chetan Kapadia cited Section 230(4) of the Companies Act, stating objections must come from those holding at least 10% equity or 5% of total debt.