Notice of the NCLT convened meeting of Equity Shareholders of the Company on March 13, 2026
MERCANTILE · price
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The National Company Law Tribunal (NCLT), Chennai, has directed Mercantile Ventures Limited to hold a meeting of its equity shareholders on March 13, 2026 (12:00 PM IST, via video conferencing) to consider and approve the Scheme of Amalgamation of India Radiators Limited (Transferor Company) with Mercantile Ventures Limited (Transferee Company). The NCLT order was passed on February 2, 2026, under Sections 230-232 of the Companies Act, 2013. Remote e-voting will run from March 10-12, 2026, with the cut-off date set as March 6, 2026. For the scheme to pass, it requires approval by a majority representing three-fourths in value of equity shareholders, plus a majority of public shareholders voting in favour as per SEBI norms. BSE had already issued its no-objection letter on October 14, 2025, and a joint valuation report by registered valuers dated March 31, 2025, along with fairness opinions from Saffron Capital Advisors and Khandwala Securities, has been placed before shareholders.
This is a key procedural step toward completing the amalgamation of India Radiators into Mercantile Ventures. If shareholders and the NCLT approve, Mercantile Ventures will absorb India Radiators, expanding its consolidated business. Shareholders should review the swap ratio, valuation report, and post-merger financials before voting, as the deal will reshape the company's size and structure.