Way back in June 2023 when I-Sec’s merger into ICICI Bank was announced, I had commented (click here) that the grounds on which the bank got exemption from reverse book building look suspect (that they are in the “same line of business”). Exactly this point is now becoming the major bone of contention in the legal tussle between the shareholders and Group. One more petition has now been filed (besides Quantum MF who has also made the same argument) on the same issue (see this). Several other objections raised by investors against the merger, such as delisting so soon after the IPO, swap ratio, trying to influence the shareholders through phone calls etc. don’t stand legal scrutiny though they may be morally valid. It will be interesting to see how this develops.
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