Receipt of Observation letter with no adverse observations from BSE Limited
MERCANTILE · price
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Mercantile Ventures Ltd has received an observation letter from BSE dated October 14, 2025, with 'no adverse observations' on its proposed scheme of amalgamation with India Radiators Limited (Transferor Company). The scheme, approved by the board on April 8, 2025, will merge India Radiators into Mercantile Ventures under Sections 230-232 of the Companies Act, 2013. SEBI, through BSE, provided 12 procedural compliance comments covering areas like disclosure of pending legal proceedings, shareholder disclosures, demat form for new shares, and ensuring financials are not more than 6 months old. The BSE observation letter is valid for 6 months, during which the company must file the scheme with the NCLT.
This is a positive regulatory milestone that clears a key hurdle for the merger. Shareholders can expect the company to now move toward filing the scheme with NCLT for final approval. Investors should note that NCLT approval, creditor/shareholder voting, and compliance with SEBI's procedural comments are still pending steps before the amalgamation becomes effective.