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Shareholders of ICICI Securities lodge lawsuit with NCLT over delisting proposal

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A group of shareholders, led by a Bengaluru-based investment manager, has initiated proceedings with the National Company Law Tribunal regarding ICICI Bank's proposal to remove its broking subsidiary, ICICI Securities, from Indian stock exchanges. This comes after approximately 72% of shareholders approved the merger of ICICI Securities with its parent company. ICICI Bank has faced criticism for allegedly persuading minority shareholders to support the delisting of the brokerage division. Quantum Mutual Fund and the capital markets regulator, Sebi, are considering legal action against the bank. ICICI Securities reported strong financial results in the fourth quarter.