ICICI Securities breached shareholder privacy rules: Shareholders tell NCLT

ICICI Securities breached shareholder privacy and administration rules by sharing the details of shareholders with ICICI Bank, minority shareholders told the National Company Law Tribunal (NCLT) on Monday. They said that employees of ICICI Bank called and misled shareholders to vote in a particular way in the name of "spreading awareness".
The lawsuit, filed by minority shareholders led by Bengaluru-based investment manager Manu Rishi Guptha, said ICICI Bank influenced shareholders to support its proposal to delist the private lender’s broking subsidiary from Indian stock exchanges. They said that ICICI Bank employees, not the employees of ICICI Securities, contacted public shareholders, persuading them to vote in favor of delisting. They said that bank employees created a PowerPoint presentation to influence shareholders and exploit their lack of technological expertise. 

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