Order passed by Hon''ble National Company Law Tribunal Division Bench (Court - I) Chennai for convening the meeting of the equity shareholders and unsecured creditors of the Company
MERCANTILE · price
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The NCLT Chennai has directed Mercantile Ventures Ltd to convene meetings of its equity shareholders (50,668 shareholders, meeting on 13.03.2026 at 12:00 PM) and 16 unsecured creditors (meeting at 1:00 PM) to consider the Scheme of Amalgamation with India Radiators Limited, with appointed date of April 1, 2025. India Radiators Ltd, the transferor company, had a turnover of only Rs. 6.32 lakhs and a negative net worth of Rs. 37.03 lakhs for FY25, while Mercantile Ventures (the transferee) had a turnover of Rs. 36.56 lakhs and a strong net worth of Rs. 32,827.06 lakhs. BSE has already given its consent to the scheme via its observation letter dated 14.10.2025. The rationale is to consolidate operations and use resources more efficiently as a single entity.
This is a procedural step forward in the amalgamation process, not a final approval. Shareholders and creditors will vote on the scheme in March 2026, after which NCLT will consider final sanction. Since India Radiators is a small, loss-making entity merging into a much larger company, the impact on Mercantile Ventures shareholders is likely minimal unless share-swap terms are unfavorable.