NEW DELHI: Quantum Mutual Fund has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against an earlier order of NCLT approving the delisting application of ICICI Securities from the stock exchanges.

The National Company Law Tribunal (NCLT) in an oral order on August 21 approved the Scheme of Arrangement for delisting of shares of ICICI Securities. Also, it had rejected objections filed by minority shareholders Quantum Mutual Fund and and Manu Rishi Gupta.

As per the scheme of arrangement, shareholders of ICICI Securities will get 67 shares of ICICI Bank for every 100 shares they hold.

The scheme was earlier approved by 93.8 per cent equity shareholders of ICICI Securities. Following delisting, ICICI Securities will become a wholly-owned subsidiary of the bank.

Ajit Dayal, founder, Quantum Advisors, Sponsor of Quantum AMC, on Wednesday said, "The scheme of arrangement proposed by ICICI Bank to acquire the 25 per cent of shares of its listed subsidiary ICICI Securities via a share swap is a breakdown of every known norm of corporate governance".

Quantum Mutual Fund has objected to this scheme and filed an appeal with the NCLAT Principal Bench at New Delhi against the order dated August 21, 2024 issued by the NCLT Mumbai, which dismissed the objections of the fund and approved the scheme.

In April, Quantum Mutual Fund listed out four major grounds for objecting the scheme -- concerns over valuation, alleged fraudulent means used by ICICI Bank to gather votes, conflict of interest of independent directors and violation of delisting norms.