Jhaveri Credits & Capital Limited has announced comprehensive board restructuring and a major amalgamation scheme following its board meeting held on April 02, 2026. The company disclosed multiple director appointments, designation changes, and the implementation of a court-sanctioned amalgamation scheme that will transform its corporate structure.

Director Appointments and Designation Changes

The board approved several key leadership changes, all subject to shareholder approval. The company appointed Mr. Ghanshyambhai Hargovindbhai Engineer as Managing Director for a five-year term effective April 02, 2026. Mr. Engineer brings over 35 years of experience in the energy sector, holding a Bachelor of Engineering degree from North Gujarat University and previously serving as CEO of UR Energy (India) Private Limited.

Ms. Chetna Rahul Vyas was appointed as Additional Independent Director, bringing 17 years of experience in the education sector with qualifications including B.A, LLB, Double LLM and PhD. She currently serves as Assistant Professor at Gujarat University's School of Law and holds independent director positions in other listed companies.

NCLT-Sanctioned Amalgamation Scheme

The board noted the certified copy of the order dated March 16, 2026, passed by the National Company Law Tribunal, Ahmedabad Bench, sanctioning the scheme of amalgamation between U R Energy Private Limited (Transferor Company) and Jhaveri Credits and Capital Limited (Transferee Company). The scheme became effective on April 01, 2026, with an appointed date of April 1, 2024.

Corporate Restructuring Details

The amalgamation scheme involves significant changes to the company's structure. The authorized share capital will increase from INR 15,00,00,000 to INR 18,50,00,000, comprising 1,85,00,000 equity shares of INR 10 each. The company will also change its name to U R Energy (India) Limited, subject to approvals from the Registrar of Companies and Bombay Stock Exchange.

Following the scheme's effectiveness, the company noted URE LLC-USA as a subsidiary company. The board also reconstituted key committees, appointing Ms. Chetna Rahul Vyas to both the Nomination & Remuneration Committee and Stakeholders Relationship Committee.

Postal Ballot and Compliance

To seek shareholder approval for these changes, the board appointed National Securities Depository Limited as the Remote E-Voting Agency and M/s ALAP & CO. LLP, Company Secretaries as Scrutinizer for the postal ballot process. The postal ballot notice will be sent to all eligible shareholders under the provisions of the Companies Act, 2013.

The board meeting, which commenced at 01:00 p.m. and concluded at 05:00 p.m., represents a significant milestone in the company's transformation from a financial services entity to an energy sector company through the amalgamation scheme. All appointments and changes are subject to shareholder approval and regulatory compliance under SEBI regulations.

Jhaveri Credits and Capital Limited has received and submitted to BSE Limited the copy of the order from the National Company Law Tribunal (NCLT) Ahmedabad regarding the proposed scheme of amalgamation with U R Energy (India) Private Limited. The company made this disclosure on March 09, 2026, following up on its earlier intimation dated March 06, 2026.

NCLT Order Details

The Hon'ble NCLT Ahmedabad delivered its order on March 05, 2026, for petition bearing No. C.A.(CAA)/31(AHM)2025. The tribunal, comprising Mr. Shammi Khan (Member Judicial) and Mr. Sanjeev Sharma (Member Technical), conducted the proceedings in hybrid mode and reserved the order after hearing all parties.

Amalgamation Structure

The scheme involves the merger of two entities under the provisions of the Companies Act, 2013. The legal framework encompasses sections 230 to 232 of the Act, covering the amalgamation process for both companies and their respective shareholders and creditors.

Regulatory Compliance

The intimation was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Gaurav Shrimankar digitally signed the communication, ensuring proper regulatory compliance. The order copy was uploaded on the NCLT website and subsequently shared with BSE Limited.

Legal Proceedings Timeline

The proceedings included various stakeholders, with legal representation from Mr. Dhinal Shah for the applicant, Ms. Ankita Lahoty from the RD Office, Mr. Nandan S. Soni from the Income Tax Department, and Mr. Sandip Tupe from the OL Department. An affidavit in reply to the Income Tax Department's report regarding the transferee company was filed on February 24, 2026, which was taken on record by the tribunal.