In a fresh twist in the case pertaining to ICICI Securities Ltd.'s delisting and merger with ICICI Bank Ltd., a whistleblower has made accusations on the role of BofA Securities India—the independent merchant banker tasked with providing a fairness opinion on the valuation and swap ratio for the deal.
In a detailed mail, dated Oct. 22, sent to the Securities and Exchange Board of India, the whistleblower claimed that BofA Securities received the mandate for the fairness opinion only four-five days before ICICI Bank board's approval on June 29, 2024.
Despite the tight timeline, the opinion was signed the same day the valuation report was received, raising questions about the thoroughness and independence of the process.
However, people close to the matter have questioned the timing of the allegations. The valuation report, prepared in July 2023, had been cleared by SEBI, the National Company Law Tribunal, stock exchanges, and the boards of both ICICI Bank and ICICI Securities.
Yet as per the people in the know, since the whistleblower's letter was submitted to SEBI only last month, it raises suspicions about its motive and intent.
Conflict of Interest: The mandate for the fairness opinion allegedly came from ICICI Bank instead of ICICI Securities, with ICICI Bank officials allegedly steering the valuation process.
Pre-Determined Outcomes: It is claimed that...
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