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The Mumbai bench of the National Company Law Tribunal (<keyword id="19901085" type="General" weightage="20" keywordseo="NCLT" source="keywords">NCLT</keyword>) on Wednesday approved the <keyword id="20560837" type="General" weightage="20" keywordseo="delisting" source="keywords" medley.seotitle="delisting" medley.uid="delisting" medley.msid="19341858" medley.seopath="d/delisting" medley.containers="equity,investopedia" medley.title="Delisting">delisting</keyword> application of <keyword id="20005262" type="General" weightage="20" keywordseo="ICICI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Securities" meta.hostid="261" meta.entityid="ICICI Securities" topicspecial.url="https://economictimes.indiatimes.com/icici-securities-ltd/stocks/companyid-5265.cms">ICICI Securities</keyword> from the stock exchanges and also rejected objections filed by <keyword id="21094856" type="General" weightage="20" keywordseo="minority-shareholders" source="keywords">minority shareholders</keyword>. The NCLT in an oral order approved the <keyword id="22862911" type="General" weightage="20" keywordseo="Scheme-of-Arrangement" source="keywords">Scheme of Arrangement</keyword> for delisting of shares of ICICI Securities. As per the scheme of arrangement, shareholders of ICICI Securities (ISEC) will get 67 shares of ICICI Bank for every 100 shares they hold. The court also rejected objections filed by minority shareholders Quantum Mutual Fund and Manu Rishi Gupta. Quantum Mutual Fund held 0.08 per cent and Manu Rishi Gupta, a minority shareholder held 0.002 per cent shares in ICICI Securities opposed the scheme. 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. ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank. Meanwhile, ICICI Securities on Wednesday said it has settled with market watchdog Sebi a case pertaining to an alleged violation of regulatory norms after paying Rs 69.82 lakh. The same was in relation to a settlement application submitted to Sebi in connection with the inspection of books and records for the merchant banking activities of the company, ICICI Securities said in a regulatory filing. The observations were primarily related to the due diligence process to be followed by the company as a merchant banker, it said. The company had submitted an application for settlement under Settlement Regulations in respect of the aforementioned matter with a view to avoid any protracted proceedings arising from Sebi's Show Cause Notice, it said. Following the payment, a settlement order dated August 20, 2024, passed by Sebi has been received by the Company on the same day, it added. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

NCLT approves delisting of ICICI Securities, dismisses petition by minority shareholders

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

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NCLT approves delisting of ICICI Securities, dismisses petition by minority shareholders

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Exposure to India's infra sector helps LIC, SBI outshine peers

PTI

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