Mercantile Ventures Completes Postal Ballot, Confirms Director Appointment

Mercantile Ventures Limited , a diversified company operating in rent and maintenance of immovable properties, manpower services, and security services, has officially completed its postal ballot process and confirmed the appointment of Mr. N Umasankar as Whole-time Director (Finance) & CFO. The company informed BSE Limited on December 17, 2025, about the successful conclusion of the voting process.

Postal Ballot Results and Regulatory Compliance

The postal ballot voting concluded on December 16, 2025, at 5:00 PM IST, with overwhelming shareholder support for both proposed resolutions. The company has fulfilled its obligations under Regulation 30 and Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Resolution	Type	Votes in Favour (%)	Votes Against (%)	Result
Appointment as Director	Ordinary	99.999%	0.001%	Passed
Appointment as Whole-time Director & CFO	Special	99.999%	0.001%	Passed

The remote e-voting process was conducted through CDSL platform from November 17, 2025, at 9:00 AM IST to December 16, 2025, at 5:00 PM IST. M/s. KRA and Associates, Practising Company Secretaries, served as the scrutinizers and submitted their report on December 17, 2025.

Director Appointment Details

Mr. N Umasankar's appointment as Whole-time Director (Finance) & CFO has been formally confirmed with effect from October 27, 2025. The appointment includes comprehensive details:

Parameter	Details
Director Identification Number	07975664
Tenure	Two years (October 27, 2025 to October 26, 2027)
Experience	32 years in finance and administration
Qualifications	B.A. in Corporate Studies, MBA in Finance and HR
Previous Roles	Joint General Manager at SDBCISCO (India) Ltd., Assistant Registrar (Finance) at IIIT Chennai

Professional Background and Compliance

Mr. Umasankar brings extensive experience in finance and administration spanning 32 years. His professional background includes roles as Joint General Manager at SDBCISCO (India) Ltd., Assistant Registrar (Finance) at IIIT Chennai, and General Manager Finance at i3 Security Pvt. Ltd. The company has confirmed that he is not debarred from holding the office of director by virtue of any SEBI order or any other authority.

Recent Financial Performance Context

The leadership appointment comes as the company reported mixed results for the quarter ended September 30, 2025. While standalone operations showed challenges with a net loss of ₹18.96 lakhs compared to a profit of ₹18.77 lakhs in the previous year, consolidated results demonstrated strong performance:

Metric	Q2 FY2026	Q2 FY2025	YoY Change
Consolidated Net Profit	₹140.64 lakhs	₹81.44 lakhs	+72.70%
Consolidated Income from Operations	₹2,351.27 lakhs	₹1,784.34 lakhs	+31.80%

With the formal confirmation of Mr. Umasankar's appointment as CFO and Whole-time Director (Finance), Mercantile Ventures aims to strengthen its financial leadership and optimize operations across its diversified business segments of property management, manpower services, and security services.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.84%	-7.59%	+3.90%	-3.23%	+8.06%	+56.97%

Mercantile Ventures Limited (MVL) has achieved a significant milestone in its proposed amalgamation with India Radiators Limited (IRL). The company received a 'No Adverse Observation' letter from BSE Limited, paving the way for the next steps in the merger process.

Key Details of the Amalgamation Scheme

Aspect	Details
Approval Date	April 8, 2025
Legal Framework	Sections 230 to 232 of the Companies Act, 2013
BSE Observation Letter Date	October 14, 2025
SEBI Comments Date	October 13, 2025

SEBI's Conditions for the Amalgamation

The Securities and Exchange Board of India (SEBI) has outlined 12 specific conditions that must be met for the amalgamation to proceed. Some of the key conditions include:

Disclosure of ongoing legal proceedings
Ensuring financial data is not more than 6 months old
Issuing new shares only in demat form
Providing detailed asset-liability information to shareholders

Timeline and Next Steps

Validity of BSE Observation: Six months from the date of issuance (October 14, 2025)
Next Step: Submission of the scheme to the National Company Law Tribunal (NCLT) within the validity period

Additional Disclosures Required

MVL must provide shareholders with comprehensive information in the explanatory statement, including:

Pre and post-scheme details of assets, liabilities, net worth, and revenue
Impact of the scheme on the Transferee Company's revenue-generating capacity
Rationale and synergies expected from the amalgamation
Cost-benefit analysis of the scheme
Valuation of assets and liabilities being transferred

Importance of Compliance

BSE has emphasized that the 'No Adverse Observation' is subject to MVL's compliance with all applicable regulations. The exchange reserves the right to withdraw its observation if any information is found to be incomplete, incorrect, or misleading.

This amalgamation represents a significant corporate action for Mercantile Ventures Limited and India Radiators Limited. Shareholders and potential investors should closely monitor further developments and disclosures as the companies move forward with the merger process.