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.

Quantum Mutual Fund has appealed the delisting of ICICI Securities from stock exchanges, citing concerns over valuation and alleged fraudulent practices by ICICI Bank. The NCLAT is now reviewing the case.

Last month, the NCLT approved the ‘scheme of arrangement’ for delisting of shares of ICICI Securities and rejected objections raised by minority shareholders Quantum Mutual Fund and Manu Rishi Gupta

In a recent development, Quantum Mutual Fund has filed an appeal against the National Company Law Tribunal Mumbai’s decision to approve the delisting of ICICI Securities Ltd., people with knowledge of the matter have said. The tribunal's decision came despite objections raised by minority shareholders.