&w=3840&q=100)
SC upholds ICICI Securities delisting, dismisses plea over valuation
ICICI Securities was officially delisted in March 2024, becoming a wholly owned subsidiary of its promoter, ICICI Bank. The move was part of a broader merger scheme that had already received shareholder approval.
Allegations of an 'opaque and rushed' process
Gupta's counsel argued that the delisting was conducted in an 'opaque and rushed manner' and called the entire exercise 'shocking". He questioned the fairness of the valuation, saying shareholders might have received a better deal through the RBB process.
In response, ICICI Securities' legal team told the court that Gupta had continued to trade shares of ICICI Securities—including as recently as August 2024—undermining his claims of unfair treatment.
Shareholder backing and tribunal oversight
The delisting had strong shareholder backing, with nearly 72 per cent of votes cast in favour of the merger scheme. This came after a National Company Law Tribunal (NCLT) directive in February 2024, which mandated a shareholder meeting to approve the plan.
The meeting saw participation from 161 equity shareholders and authorised representatives, who voted to support the merger.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
36 minutes ago
- Time of India
Delhi govt files review plea in SC against blanket ban on ELVs
New Delhi: Delhi govt on Friday filed a review application in the Supreme Court, seeking reconsideration of the 2018 blanket ban on diesel vehicles older than 10 years and petrol vehicles older than 15 years in Delhi-NCR. Environment minister Manjinder Singh Sirsa said the matter is listed for Monday. The application requests the apex court to direct the Central govt or the Commission on Air Quality Management (CAQM) to conduct a comprehensive scientific study evaluating the actual environmental benefits of the age-based ban. It also seeks assessment of the feasibility and fairness of a blanket restriction across vehicle categories and technologies, and whether the policy meaningfully contributes to air quality improvement in the NCR, compared to targeted emission-based measures. Delhi govt argued that the current system enforces collective compliance without individual assessment of pollution levels or roadworthiness. "This approach does not align with the objective of reducing pollution," the application stated, adding that the directive disproportionately affects middle-class citizens whose vehicles may be less used, well-maintained, and compliant with emission norms. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi The 2015 National Green Tribunal order banning such vehicles was upheld by the Supreme Court in 2018. However, Delhi govt now contends that the landscape has changed significantly with the introduction of Bharat Stage-VI emission standards from April 1, 2020. It noted that as of July 24, 2025, Delhi has 2.8 million BS-IV and an almost equal number of BS-VI registered vehicles. "If the 2018 order continues, roadworthy, non-polluting BS-VI vehicles may be forced off the roads in a few years without scientific justification," the petition added. It questioned the rationale behind taking even BS-IV vehicles—meeting Pollution Under Control (PUC) norms—off the roads, asserting that such decisions must be based on updated, data-driven evaluations. The application pointed out that countries like Japan, the US, and those in the EU do not impose blanket bans based solely on vehicle age. Instead, they follow nuanced, sustainable policies that assess actual emissions and focus on roadworthiness through regular testing. Delhi's review petition, settled by Additional Solicitor General Aishwarya Bhati, stressed the need for a "graded, balanced and technology-driven regime" to tackle vehicular pollution. It urged for a scientific framework that accounts for individual vehicle emission data rather than broad age-based criteria. The CAQM's July 1 order denying fuel to end-of-life vehicles sparked public backlash, prompting Sirsa to request a pause in its implementation. Lieutenant governor VK Saxena later advised govt to approach the Supreme Court for a review. Following this, CAQM deferred the fuel-denial order to November 1 in high-density NCR districts and to April 1, 2026, for the rest of the region. Govt highlighted that other major pollution sources—like stubble burning, construction dust, and industrial emissions—also need to be considered. Its strict enforcement of PUC norms led to over 1.63 lakh challans in 2025 so far, up from 29,589 in 2021. It said the good AQI days increased from 159 in 2018 to 209 in 2024. Till July this year, there have been 106 such days. The robust implementation of Graded Response Plan has contributed to reducing pollution in the national capital, it said.
Time of India
2 hours ago
- Time of India
SC cancels Rs 295 crore land payout order over bizman's fake claim
Noida: The Supreme Court has struck down a Rs 295-crore compensation award to Hyderabad-based businessman Reddy Veeranna, ruling that the payment was secured through fraudulent claims and a deliberate suppression of facts regarding land ownership in Noida. Tired of too many ads? go ad free now A three-judge bench of Justices Surya Kant, Dipankar Datta, and Ujjal Bhuyan set aside both the Allahabad high court's 2021 order and its own 2022 ruling that had granted enhanced compensation to Veeranna for land acquired in Sector 18. "The impugned order of the High Court dated October 28, 2021 passed in WP (Civil) 2272/2019 [Reddy Veeranna v State of Uttar Pradesh & ors] stands set aside, since fraud has vitiated the entire proceedings. As a corollary to the above, the judgment and order dated May 5, 2022 in Reddy Veerana (supra) (which too was obtained by playing fraud) is declared to be a nullity and stands recalled in exercise of our inherent powers," the court said in its order. The case revolves around over five bighas in Chhalera Banger village, jointly purchased in 1997 by Veeranna, Vishnu Vardhan, and T Sudhakar for Rs 1 crore. In 2005, Noida Authority partially acquired this land and later leased it to DLF for Rs 173 crore. The Mall of India now stands there. While the three co-owners initially contested the Authority's acquisition together, Veeranna subsequently began claiming exclusive ownership. He obtained a compromise decree from a trial court in 2006 — using a revoked power of attorney — which became the basis for recording his name as the sole owner in govt records. In 2019, Veeranna approached the high court, seeking enhanced compensation without making his co-owners party to the case. Tired of too many ads? go ad free now The high court awarded him compensation at Rs 1.1 lakh per sqm. The Supreme Court not just upheld the HC order, but also removed a 50% development charge that had been deducted, raising Veeranna's total entitlement to around 360 crore. The payout eventually settled at 295 crore following discussions with the Authority. The apex court had, however, clarified then that it was not deciding on ownership. Vardhan, who claimed he was not informed about these proceedings, approached the SC in 2023, filing multiple petitions to challenge Veeranna's claim. He asserted that Veeranna had repeatedly misled the HC and SC, relying on an invalid decree procured through manipulation and concealment. In its judgment, the apex court found that Veeranna had consistently identified himself as a joint owner with Vishnu and Sudhakar in earlier proceedings, but abruptly changed his stance in 2019. The bench held that he had suppressed critical facts, including Vishnu's pending civil suit challenging the 2006 decree. "We have no hesitation to hold that Veeranna Reddy tailored a situation to suit his convenience by not impleading Vishnu as a party with the sole intention of obtaining an order in respect of not only the quantum of compensation payable for acquisition of the subject land but also a declaration as to his entitlement thereto — all, behind Vishnu's back. An attempt by Reddy to steal a march over Vishnu is clearly discernible which, without reference to anything more, does border on fraud," the court observed. The case has now been remanded in the high court for a fresh hearing of ownership and compensation with all parties present, including Vishnu and Sudhakar. While Veeranna has retained the compensation amount, he has furnished property securities worth Rs 295 crore through his firm Manyata-Pristine. It will remain deposited with the SC. Given the "magnitude of fraud", the SC has requested the high court chief justice to personally hear the case and conclude it preferably by the end of this year.
Time of India
6 hours ago
- Time of India
Edu dept extends CAP deadline to July 30 amid OBC quota uncertainty
Kolkata: The higher education department has extended the undergraduate application deadline on the centralised admission portal to July 30. This was the third extension amid the uncertainty over OBC seat reservations. The OBC matter is likely to be heard in the Supreme Court on Monday. "No decision on seat reservations has been taken. A merit list cannot be prepared without a verdict on reservations," said an official, hoping to get some clarity on Monday. Till Friday evening, 3,56,202 UG candidates had registered on the portal and submitted 20,49,517 applications. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Principals are upset with the deadline extension but expressed helplessness. Lady Brabourne College principal Siuli Sarkar said, "As the reservation issue is yet to be resolved, there is no other option but to extend the deadline again." But another principal said, "How long will the dates be pushed back? Admissions in other states are almost over. Even institutes outside the centralised portal have completed their process. I am not sure if we will get any student." CU interim VC Santa Datta De said, "I don't know why the govt hasn't solved this yet. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search Ads Search Now Undo We finished admissions to our in-house UG courses, and classes will start from Aug 1, but affiliated colleges don't know when they can start filling seats." Scottish Church is among the colleges outside the portal. Principal Madhumanjari Mandal said, "Most seats are filled and we will start classes from Aug 1. We have not closed admissions as JEE results are not out and the portal is still live."
