New Delhi, May 28: The Supreme Court on Wednesday upheld the delisting of ICICI Securities from the stock exchanges, rejecting a plea by an individual investor who challenged the share valuation process as being unfair.

The investor, Manu Rishi Gupta, had questioned the delisting on the ground that a reverse book building mechanism might have resulted in a better price for shareholders.

ICICI Securities was delisted in March last year, and it became a wholly-owned subsidiary of ICICI Bank.

Gupta’s counsel contended in the apex court that the delisting of ICICI Securities was done in an opaque and rushed manner and termed it “shocking”.

The counsel for ICICI Securities informed the Supreme Court that Gupta continued to indulge in buying and selling of shares of ICICI Securities, including as recently as August 2024 which undermined his claims of unfair treatment.

Nearly 72 per cent of shareholder votes were cast in favour of the scheme of arrangement for the merger of ICICI Securities with its promoter ICICI Bank, the private sector lender had stated in a regulatory filing with the stock exchanges.

The voting was conducted after a National Company Law Tribunal (NCLT) directive in February 2024, which mandated a shareholder meeting to approve the plan. The meeting was attended by 161 equity shareholders including authorised representatives.

Earlier, in March this year, the National Compay Law Apellate Tribunal (NCLAT) had upheld the delisting of ICICI Securities Ltd from the stock exchanges, dismissing the pleas filed by shareholders Quantum Mutual Fund and individual investor Manu Rishi Gupta against the move.

Quantum Mutual Fund had approached NCLAT in September to oppose ICICI Securities’ delisting, citing concerns over its impact on minority shareholders. Earlier, the Ahmedabad bench of the National Company Law Tribunal (NCLT) had approved the delisting, dismissing the fund’s objections.

ICICI Securities in June 2023 announced its plan to delist and merge with its parent company, ICICI Bank Ltd. Shareholders approved the plan in March 2024. As part of the delisting, Under the proposed share-swap arrangement, shareholders were to receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities.

Kolkata, May 28: After West Bengal Chief Minister Mamata Banerjee said the notification of fresh recruitment for teaching and non-teaching jobs will be issued on May 30 and the “untainted” teachers, who lost jobs following a Supreme Court order last month, will have to appear for the written examination, questions and loopholes have started surfacing over her announcement.

The fact that the Chief Minister’s announcement about the fresh recruitment process and the state government’s persuasion on the review petition in the Supreme Court order will go on simultaneously has led to concerns.

The question that is surfacing on this count is whether the state government and West Bengal School Service Commission (WBSSC) have submitted the segregated lists of “untainted” and “tainted” candidates along with their respective review petitions.

The opposition parties and the legal experts have said that since the inability of the state government and the commission to furnish the segregated lists was the main reason for both the Calcutta High Court and the Supreme Court to cancel the entire panel of 25,753 jobs, any review petition without that segregated list is bound to pose questions on how serious is the state government to protect the jobs of the “untainted” teachers.

The Leader of Opposition (LoP) in the West Bengal Assembly, Suvendu Adhikari, has already challenged the Chief Minister to publicly clarify whether the state government and WBSSC have submitted the segregated list along with the review petition.

“The Chief Minister is highly optimistic about the outcome of the review petition. So she should clarify whether she had submitted the segregated list along with the review petitions. Otherwise, it will be evident that the state is just conducting a time-killing exercise by projecting the review petition,” Adhikari said.

The second question that is arising over the Chief Minister’s announcements and clarifications on Tuesday is that while she stressed mainly that part of the Supreme Court order that details the fresh recruitment, she virtually avoided that portion of the order which details the steps to be adopted by the government to ensure the termination of services of the “tainted” ones and also recover the money they received as salaries.

“How could the state government abide by one part of the apex court and ignore the other part? Instead, on Tuesday, the Chief Minister said she would try to protect even the jobs of those who were not included among the ‘untainted’ ones. Does not this hint at another corruption?” questioned senior advocate and the CPI(M) Rajya Sabha member Bikas Ranjan Bhattacharya.

He also questioned the legal sanctity of the Chief Minister’s claims that the fresh recruitment process and the state government’s persuasion on the review petition in the Supreme Court order will go on simultaneously.

“The question is whether any scope for review prevails once the fresh recruitment process starts as per the apex court order. The Chief Minister is just using the review petition as a tool of time-killing exercise and giving false hopes to ‘untainted’ candidates,” Bhattacharya said.

New Delhi, May 28: Prime Minister Narendra Modi is set to attend the golden jubilee celebrations marking 50 years of Sikkim’s statehood at the Paljor Stadium in Gangtok on Thursday, May 29, according to an official statement from the Home Department.

Marking 50 glorious years of Statehood, the Prime Minister will participate in ‘Sikkim@50: Where Progress Meets Purpose and Nature Nurtures Growth’. The historic event will commemorate Sikkim’s transformation from a monarchy to becoming the 22nd state of India in 1975, following a referendum that led to the merger of the erstwhile Chogyal kingdom with the Indian Union.

The northeastern state, India’s second smallest, attained full statehood on May 16, 1975. The accession came with a special constitutional safeguard — Article 371F — ensuring the preservation of Sikkim’s unique ethnic identity, cultural traditions, and customs.

Over the past five decades, Sikkim has emerged as a model for sustainable development and eco-friendly governance, drawing national and global recognition for its green initiatives and environmental stewardship.

The Sikkim government has planned a year-long series of activities under the theme ‘Sunaulo, Samriddha and Samarth Sikkim’, celebrating the essence of the north-eastern state’s cultural richness, tradition, natural splendour and history.

Meanwhile, PM Modi will also lay the foundation stone and inaugurate multiple development projects, including a new 500-bedded District hospital worth over Rs 750 crore in Namchi district; a Passenger Ropeway at Sangachoeling, Pelling in Gyalshing District; a Statue of Bharat Ratna Atal Bihari Vajpayee at Atal Amrit Udyan at Sangkhola in Gangtok District, among others.

The Prime Minister will also release the Commemorative coin, souvenir coin and stamp of 50 years of Statehood.

While PM Modi was originally scheduled to participate in the Statehood Day celebrations on May 16, the visit was deferred due to Operation Sindoor — India’s military response to Pakistan-sponsored terrorism following the Pahalgam terror attack on April 22.

Earlier, on May 16, the Prime Minister had extended his greetings to the people of Sikkim through a message on X, stating, “Warm greetings to the people of Sikkim on their Statehood Day! This year, the occasion is even more special as we mark the 50th anniversary of Sikkim’s statehood! Sikkim is associated with serene beauty, rich cultural traditions and industrious people. It has made strides in diverse sectors. May the people of this beautiful state continue to prosper.”

In preparation for the high-profile event, the Sikkim government has extended formal invitations to all officers from the rank of Deputy Secretary and Under Secretary (and their equivalents), along with staff from various state departments, public sector undertakings, and central government agencies in Gangtok.

The invitees have been requested to attend the function in traditional attire and will be seated in the Western Gallery of the stadium.

The celebration is scheduled to commence at approximately 8.30 a.m. on Thursday.

Additionally, the heads of departments and secretaries have been instructed to ensure full attendance from their respective teams to make the event a grand success.

To facilitate the smooth execution of the ceremony, the Sikkim government had earlier issued an advisory, announcing the temporary closure of offices and schools in Gangtok along with vehicular movement restrictions across key routes in the capital city.