Order passed by Hon''ble National Company Law Tribunal Division Bench (Court-1) Chennai for convening the Meeting of the Equity Shareholders of the Company.
Awaiting price reaction for this filing.
The NCLT Chennai Division Bench has ordered India Radiators to convene a meeting of its 4,461 equity shareholders on March 13, 2026 at 10:00 AM to vote on its proposed amalgamation with Mercantile Ventures Limited. India Radiators (Transferor) has very weak financials with a turnover of just Rs. 6.32 lakhs and a negative net worth of Rs. 37.03 lakhs for FY25, while Mercantile Ventures (Transferee) has a strong net worth of Rs. 32,827.06 lakhs. The appointed date for the merger is April 1, 2025, and BSE has already given its consent to the scheme. This is a procedural step in the merger process — shareholders must still approve the scheme before it can take effect.
This is a routine procedural step in the merger approval process. Shareholders of India Radiators will get to vote on the amalgamation on March 13, 2026; the deal will only proceed if approved by the required majority. The negative net worth of India Radiators suggests this is essentially a reverse merger situation where the larger entity (Mercantile Ventures) is absorbing the smaller one.