India Radiators Shareholders Unanimously Approve Amalgamation with Mercantile Ventures
India Radiators Limited achieved unanimous shareholder approval for its amalgamation with Mercantile Ventures Limited through an NCLT-convened meeting. All 35 shareholders who participated voted in favor, representing 4,24,214 shares with 100% approval rate. The scrutinizer's report confirmed compliance with regulatory requirements, paving the way for final NCLT sanction.
*this image is generated using AI for illustrative purposes only.
India Radiators Limited has successfully completed the voting process for its scheme of amalgamation with Mercantile Ventures Limited, with shareholders delivering unanimous approval through the NCLT-convened meeting held on March 13, 2026.
Voting Results and Shareholder Approval
The scrutinizer's report dated March 16, 2026, confirmed that all 35 equity shareholders who participated in the voting process approved the amalgamation scheme. The voting was conducted through remote e-voting facility provided by Central Depository Services (India) Limited (CDSL).
| Voting Parameter: | Details |
|---|---|
| Total Shareholders Voted: | 35 |
| Shares Voted in Favor: | 4,24,214 |
| Approval Percentage: | 100% |
| Shares Voted Against: | 0 |
| Invalid Votes: | 0 |
Public Shareholder Participation
In compliance with SEBI Master Circular requirements, the voting results were segregated between promoter group and public shareholders. The public shareholders, excluding promoter group holdings, demonstrated strong support for the amalgamation.
| Public Voting Details: | Results |
|---|---|
| Public Shareholders Voted: | 34 |
| Public Shares in Favor: | 75,592 |
| Public Approval Rate: | 100% |
| Public Shares Against: | 0 |
Meeting Proceedings and Regulatory Framework
The shareholders meeting was convened pursuant to an order dated February 02, 2026, passed by the Hon'ble National Company Law Tribunal, Chennai Bench. The proceedings were conducted under sections 230 to 232 of the Companies Act, 2013, with Ms. A.U. Maithereyi serving as the NCLT-appointed scrutinizer.
| Meeting Details: | Information |
|---|---|
| Date: | March 13, 2026 |
| Duration: | 10:00 A.M. to 10:08 A.M. (IST) |
| Mode: | Video Conferencing |
| Chairperson: | Mr. K. Gaurav Kumar (NCLT-appointed) |
| Record Date: | March 06, 2026 |
Voting Timeline and Process
India Radiators Limited facilitated comprehensive voting arrangements for its equity shareholders through multiple channels. The company offered remote e-voting services through CDSL platform, enabling shareholders to cast their votes electronically before the meeting.
| Voting Schedule: | Timeline |
|---|---|
| Remote E-voting Start: | March 10, 2026 at 09:00 A.M. (IST) |
| Remote E-voting End: | March 12, 2026 at 05:00 P.M. (IST) |
| Meeting E-voting Duration: | 15 minutes post-meeting |
| Total Shareholders on Record: | 4,515 |
Regulatory Compliance and Next Steps
The voting results have been submitted to BSE Limited under Regulation 44 of SEBI (LODR) Regulations, 2015. The unanimous approval satisfies the statutory requirements under Section 230-232 of the Companies Act, 2013, which mandates majority approval representing three-fourth in value of equity shareholders.
The company referenced previous disclosures dated April 08, 2025, October 15, 2025, December 05, 2025, February 5, 2026, February 10, 2026, and March 13, 2026, regarding the amalgamation scheme progression. With shareholder approval secured, the scheme now awaits final NCLT sanction to complete the amalgamation process between India Radiators Limited (transferor company) and Mercantile Ventures Limited (transferee company).
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