Notice of NCLT Convened meeting of the Unsecured Creditors of the Company on March 13, 2026
MERCANTILE · price
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The NCLT Chennai Bench, via its order dated February 2, 2026, has directed Mercantile Ventures to convene a meeting of its unsecured creditors on March 13, 2026 (via video conferencing) to consider and approve the Scheme of Amalgamation of India Radiators Limited (Transferor) with Mercantile Ventures Limited (Transferee). The appointed date for the merger is January 1, 2025. Under the scheme, India Radiators shareholders will receive 10 equity shares of Mercantile Ventures (face value Rs 10) for every 36 equity shares held in India Radiators (face value Rs 10). India Radiators is already a subsidiary of Mercantile Ventures, which holds 38.74% of its equity and 100% of its preference shares. BSE has already issued a no-adverse-observation letter on October 14, 2025, and joint valuation reports and fairness opinions are in place. Upon effectiveness, India Radiators will be dissolved without winding up, and its assets and liabilities will vest in Mercantile Ventures.
This is an internal group restructuring where a listed subsidiary (India Radiators) is being absorbed into its listed parent (Mercantile Ventures), simplifying the group structure. The outcome of the March 13, 2026 unsecured creditors' vote (needs 3/4 majority by value) is a key milestone before the NCLT grants final sanction. Minor public shareholders of India Radiators will receive Mercantile Ventures shares at the 10:36 swap ratio, while existing Mercantile shareholders will see a marginal dilution depending on the final share count issued.