The National Company Law Tribunal (NCLT) has approved the scheme of amalgamation of Silverleaf Capital Services Private Limited with Share India Securities , effective from October 1, 2023. The order was pronounced by the Ahmedabad Bench on August 20, 2026.

Share India Securities will issue 500 equity shares of face value ₹2 each to every one equity share of ₹10 held by Silverleaf shareholders. The merger aims to integrate Silverleaf’s artificial intelligence and high-frequency trading capabilities into the listed broker’s operations.

Financial Position and Rationale

Silverleaf reported revenue from operations of ₹31.62 crore for FY25, down from a profit before tax of ₹6.69 crore in FY24 to a loss before tax of ₹41.42 lakh in FY25. In contrast, Share India logged revenue from operations of ₹11,378.07 crore and a profit before tax of ₹3,198.33 crore in FY25.

What the Numbers Show

The financial disparity highlights a strategic rather than purely scale-driven merger. While Share India operates at a massive scale with over ₹11,000 crore in revenue, Silverleaf contributes minimal top-line impact but offers specialized technology assets. The transferor’s shift from a ₹6.69 crore profit in FY24 to a ₹41.42 lakh loss in FY25 suggests operational volatility, making the acquisition of its AI and low-latency trading infrastructure a key value driver for the transferee.

Regulatory Observations and Compliance

The Regional Director raised concerns regarding the two-year gap between the appointed date (October 1, 2023) and the filing date (September 27, 2025). The companies clarified that board approvals were secured in March 2024. The NCLT directed Share India to abide by all observations from BSE and NSE, which issued no-objection letters in July 2025.

Statutory authorities, including the Income Tax Department and Official Liquidator, found no surviving objections. The Income Tax Department confirmed no outstanding demands against Silverleaf. The Tribunal emphasized that the sanction does not exempt the entities from statutory liabilities or stamp duty payments.

Pending Litigations

Share India faces several regulatory proceedings that continue post-merger:

• An appeal before the Securities Appellate Tribunal (SAT) regarding an NSE penalty for alleged market disruption.
• Adjudication proceedings by SEBI concerning NSE colocation facilities, with a prior penalty of ₹3 lakh imposed.
• SAT appeal against an MCX penalty of ₹1.09 crore for alleged breach of open position limits in natural gas options.
• A settled matter with SEBI regarding past association with algo-trading platform Tradetron.

The amalgamation transfers all assets, liabilities, and pending legal proceedings to Share India Securities.

Share India Securities approved the allotment of ₹75 crore worth of non-convertible debentures (NCDs) on a private placement basis. The Finance Committee of the Board of Directors sanctioned the issuance during its meeting held on August 21, 2026.

The company allotted 75,000 listed, rated, secured, taxable, transferable, and redeemable NCDs. Each debenture carries a face value of ₹10,000. The total aggregate value of the issuance stands at ₹75 crore.

Allotment Details

The Finance Committee commenced its meeting at 11:45 am and concluded at 12:20 pm. The approval follows earlier disclosures made by the company on July 24, 2026, and August 12, 2026.

Regulatory Compliance

The disclosure was made in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Vikas Aggarwal, Company Secretary and Compliance Officer, signed the filing on behalf of the company.