Jhaveri Credits & Capital Limited Secures Unanimous Approval for Merger with U R Energy

Jhaveri Credits & Capital Limited (JCCL) has taken a significant step towards its proposed merger with U R Energy (India) Private Limited, as both equity shareholders and unsecured creditors unanimously approved the Scheme of Arrangement in separate meetings held on August 2, 2025.

Shareholder Meeting Highlights

The equity shareholders' meeting, convened as per the order of the National Company Law Tribunal (NCLT), Ahmedabad Bench, was conducted virtually at 2:30 PM IST. Mr. L.N. Gupta, a retired IAS officer and former NCLT member, chaired the proceedings.

Key points from the shareholders' meeting:

• A total of 5,087,617 votes were polled, representing 56.62% of the company's total shares.
• The resolution to approve the Scheme of Arrangement received 100% votes in favor.
• Promoter and promoter group cast 4,775,909 votes, while public non-institutions cast 311,708 votes.

Unsecured Creditors' Approval

Following the shareholders' meeting, JCCL held a separate meeting for unsecured creditors at 4:00 PM IST on the same day. Notable aspects of this meeting include:

• Only one unsecured creditor participated, constituting the required quorum.
• The meeting was initially deferred by 30 minutes due to quorum requirements.
• The sole participating creditor voted in favor of the Scheme of Arrangement, resulting in 100% approval.

E-Voting Process

For both meetings, JCCL provided remote e-voting facilities:

• E-voting was available from July 30, 2025, 9:00 AM IST to August 1, 2025, 5:00 PM IST.
• Additional e-voting options were provided during the respective meetings.
• Mr. Mohammed Arkam G. Shaikh, an Advocate & Company Secretary, served as the scrutinizer for the e-voting process.

Implications of the Approval

The unanimous approval from both shareholders and creditors marks a crucial milestone in JCCL's merger plans with U R Energy (India) Private Limited. This development paves the way for further regulatory processes and brings the company closer to finalizing the merger.

Parth Sanghavi, Chief Financial Officer of Jhaveri Credits & Capital Limited, confirmed that the voting results and meeting proceedings would be submitted to the BSE Limited and made available on the company's website.

As the merger process progresses, market participants will be keenly watching for potential synergies and growth opportunities that may arise from this strategic move by Jhaveri Credits & Capital Limited.