Mercantile Ventures Limited has achieved comprehensive stakeholder approval for its proposed amalgamation scheme with India Radiators Limited, securing both overwhelming shareholder support and unanimous creditor approval through separate NCLT-convened meetings held on March 13, 2026.

Shareholder Meeting Results

The equity shareholders meeting conducted through video conferencing from 12:00 P.M. to 12:27 P.M. IST resulted in a decisive 99.9998% vote in favour of the scheme. Out of 63 equity shareholders who participated in voting, 62 voted in favour while only 1 voted against the resolution.

Unanimous Creditor Approval

The unsecured creditors meeting, held at 1:00 P.M. on the same day, achieved complete consensus with all 14 participating creditors voting in favour of the amalgamation scheme. The meeting was attended virtually by 15 unsecured creditors, fulfilling the quorum requirements set by the Hon'ble Tribunal.

Meeting Structure and Governance

Both meetings were conducted under the supervision of the Hon'ble National Company Law Tribunal, Division Bench (Court-I) Chennai, pursuant to NCLT's order dated February 02, 2026. Ms. A.U. Maithereyi served as the NCLT-appointed scrutinizer for both meetings, with Mr. K. Gaurav Kumar acting as the chairperson.

Public Shareholder Participation

In compliance with SEBI Master Circular requirements, public shareholders demonstrated strong support with 56 public shareholders voting in favour representing 1,94,70,474 shares, achieving 99.999% approval from the public shareholder category.

Regulatory Framework and Next Steps

The amalgamation scheme approval was conducted under Sections 230 to 232 of the Companies Act, 2013, with the scheme involving India Radiators Limited as the transferor company merging with Mercantile Ventures Limited as the transferee company. The scrutinizer's reports, submitted on March 16, 2026, confirmed that both resolutions met all statutory requirements including the three-fourth majority threshold and SEBI's public shareholder approval criteria.

With decisive approval from both shareholders and creditors, the company can now proceed with the next phases of the amalgamation process, subject to final NCLT sanctions and other regulatory approvals.

Mercantile Ventures Limited has officially announced the outcome of its Board of Directors meeting held on February 6, 2026, where directors approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The Chennai-based company, operating in property rental, manpower services, and security services, demonstrated mixed performance with notable consolidated growth.

Board Meeting and Regulatory Compliance

The Board meeting commenced at 3:10 PM and concluded at 3:53 PM on February 6, 2026. The directors approved the unaudited standalone and consolidated financial results along with the Limited Review Report of the Statutory Auditors. The results have been prepared in accordance with Indian Accounting Standards (Ind AS) and subjected to limited review by Venkatesh & Co, Chartered Accountants.

Standalone Financial Performance

The company's standalone operations showed improvement in quarterly performance with net profit reaching ₹49.39 lakhs in Q3FY26 compared to ₹35.66 lakhs in the corresponding quarter of the previous year, representing growth of 38.51% year-on-year. Total income increased to ₹1,128.19 lakhs from ₹956.62 lakhs in Q3FY25.

However, the nine-month performance showed challenges, with the company reporting a net loss of ₹9.54 lakhs compared to a profit of ₹57.19 lakhs in the corresponding period of the previous year.

Consolidated Results Demonstrate Strong Growth

The consolidated financial results showed robust performance, with net profit surging to ₹285.52 lakhs in Q3FY26 from ₹185.10 lakhs in Q3FY25, marking a substantial increase of 54.28%. Consolidated total income rose to ₹2,574.69 lakhs from ₹1,996.66 lakhs in the previous year's quarter.

Segment-wise Performance Analysis

The company operates across multiple business segments with varying performance levels:

Manpower Services: Generated revenue of ₹882.84 lakhs in Q3FY26 compared to ₹739.89 lakhs in Q3FY25, showing strong growth of 19.31% with segment profit of ₹57.17 lakhs.

Rent and Maintenance: The property rental segment recorded revenue of ₹195.31 lakhs versus ₹189.13 lakhs in the previous year, contributing segment profit of ₹86.67 lakhs.

Security Services: Available in consolidated results, this segment showed impressive growth with revenue of ₹1,427.75 lakhs compared to ₹902.97 lakhs in Q3FY25, representing a 58.13% increase.

Other Comprehensive Income Impact

A significant factor affecting overall performance was the other comprehensive income, which showed a substantial loss of ₹2,051.52 lakhs in standalone results and ₹3,074.34 lakhs in consolidated results for Q3FY26. This contrasts with the positive other comprehensive income of ₹540.06 lakhs and ₹951.66 lakhs respectively in Q3FY25.

Financial Position and Subsidiary Information

The company maintains a paid-up equity share capital of ₹11,191.82 lakhs with a face value of ₹10 per share. Total consolidated assets stood at ₹34,404.45 lakhs as of December 31, 2025, compared to ₹44,133.05 lakhs in the previous year. The consolidated results include subsidiaries I3 Security Private Limited, India Radiators Limited, Walery Security Management Limited, and Chitaranjan Developers LLP.