The National Company Law Tribunal (NCLT) Ahmedabad Bench has sanctioned the scheme of amalgamation between Silverleaf Capital Services Private Limited and Share India Securities Limited. The order, received on September 7, 2026, makes the merger effective from the appointed date of October 1, 2023.

The tribunal approved the merger following requisite approvals from equity shareholders, unsecured creditors, non-convertible debenture holders, and secured creditors of both entities. The scheme involves the dissolution of Silverleaf Capital without winding up, transferring all its assets and liabilities to Share India Securities.

Financial Profile

The financial data disclosed in the tribunal filing highlights the scale disparity between the two entities. Share India Securities reported significantly higher operational metrics compared to the transferor company.

What the Numbers Show

Silverleaf Capital Services experienced a sharp reversal in profitability during FY25. The company swung from a profit before tax of ₹6,68,92,126 in FY24 to a loss of ₹41,41,674 in FY25. This deterioration occurred despite revenue from operations remaining relatively stable at approximately ₹31.6 crore in both periods. In contrast, Share India Securities saw its profit before tax contract by roughly 19% year-on-year, falling from ₹39,622.43 lakh in FY24 to ₹31,983.27 lakh in FY25.

Merger Rationale and Terms

The companies cited business synergy and technology consolidation as primary drivers for the merger. Silverleaf operates in high-frequency trading using machine learning and AI techniques, while Share India Securities is engaged in stock broking, portfolio management, and research analysis. The combined entity aims to pool physical, financial, and human resources to enhance operational efficiency.

Under the approved scheme, Share India Securities will issue 500 equity shares of ₹2 each for every one equity share of ₹10 held by Silverleaf shareholders. The valuation report recommending this exchange ratio was issued on March 18, 2024.

Regulatory Compliance

The NCLT noted objections from the Regional Director regarding the two-year gap between the appointed date and the filing of the company application. The tribunal directed Share India Securities to comply with all observations from stock exchanges and statutory authorities. The Income Tax Department confirmed no outstanding demands against the transferor company but retained the right to examine tax consequences arising from the scheme.

Share India Securities filed its Business Responsibility and Sustainability Report (BRSR) for FY26 with the stock exchanges on September 5, 2026. The disclosure covers environmental performance, governance frameworks, and social responsibility initiatives for the period ending March 31, 2026.

Environmental Performance

The company reported a reduction in Scope 1 greenhouse gas emissions to 73.88 metric tonnes of CO2 equivalent, down from 140.77 metric tonnes in FY25. Conversely, Scope 2 emissions rose to 1,924.81 metric tonnes, up from 1,554.73 metric tonnes in the prior year. Total energy consumption increased to 10,723.59 GJ from 10,044.83 GJ in FY25, driven by higher electricity usage from non-renewable sources.

Water withdrawal declined to 33,248.88 kilolitres from 38,930.58 kilolitres in FY25. The firm operates on a zero liquid discharge basis for office water consumption.

Governance and Social Metrics

Share India Securities employs 2,932 permanent staff, comprising 82.95% male and 17.05% female employees. The company reported no regulatory penalties or fines during FY26. It maintains ISO 27001:2022 certification for information security management.

The firm identified financial literacy and customer experience as key opportunities, while ethical conduct and market volatility remain primary risks. No complaints regarding sexual harassment or discrimination were recorded in FY26.

What the Numbers Show

Scope 2 emissions constitute approximately 96% of the company’s total direct and indirect carbon footprint, highlighting a dependency on purchased electricity rather than direct operational fuel use. This aligns with the firm’s digital-first business model, which generates minimal direct emissions but relies heavily on grid power for data centers and office operations.