SSShare India Securities540725NCLT order update

NCLT rectifies Appointed Date of amalgamation Scheme to April 1, 2026

NCLT, Ahmedabad rectified the Appointed Date of the Scheme of Amalgamation (Silverleaf Capital Services into Share India Securities) from October 1, 2023 to April 1, 2026, vide Order pronounced October 12, 2026.

By ScoutQuest · Tue 13 Oct 2026, 4:28 PM IST · 3 min read

Revised Appointed Date

April 1, 2026

Earlier Appointed Date

October 1, 2023

Order Pronounced On

October 12, 2026

The company has informed the exchanges about a Rectification Order received from the Hon'ble National Company Law Tribunal, Ahmedabad Bench – I, relating to the Scheme of Amalgamation of Silverleaf Capital Services Private Limited with Share India Securities Limited.

What changed

• The NCLT Order dated August 20, 2026, which approved the Scheme, mentioned October 1, 2023 as the Appointed Date.
• By an Order pronounced on October 12, 2026, the NCLT has rectified the Appointed Date of the Scheme to April 1, 2026.
• Accordingly, the Appointed Date of the Scheme shall be April 1, 2026.

Why the date was changed

• The Regional Director, Ministry of Corporate Affairs, Ahmedabad, in a report/affidavit dated 19.06.2026, raised an objection to the Appointed Date of 01.10.2023 and called upon the applicant companies to justify or revise it.
• A similar query was also raised by the Official Liquidator.
• The respective Boards of Directors of the applicant companies, vide resolutions dated 24.06.2026, approved the change in the Appointed Date from 01.10.2023 to 01.04.2026.
• The revised Scheme was thereafter placed on record along with the reply affidavit dated 20.07.2026.

How the matter came before the Tribunal

• The application was shared jointly by Silverleaf Capital Services Private Limited (Transferor Company) and Share India Securities Limited (Transferee Company) under Rules 11 and 154 of the National Company Law Tribunal Rules, 2016.
• The Tribunal issued notice to the Regional Director, who shared his reply on 07.10.2026, stating that the relief sought falls within the inherent power of the Tribunal and that the Directorate has no objection to the application being allowed.
• Considering the submissions and the no-objection of the Regional Director, the Tribunal allowed and disposed of the application.

What the order directs

• Paragraph 34(ii) of the Order dated 20.08.2026 shall be read as: "The Appointed Date for the Scheme shall be 01.04.2026."
• The reference to the appointed date at any other place in that Order shall be read as 01.04.2026.
• The revised Scheme annexed as Annexure-2 stands modified to this limited extent.
• The Registry is directed to send a copy of the order to the Regional Director, the Registrar of Companies, BSE and NSE within seven days, through e-mail.

What the companies stated

• The Transferee Company is a listed, profit-making company and shall continue to exist upon implementation of the Scheme.
• The change in the Appointed Date would not adversely affect the rights or interests of their shareholders, creditors, statutory authorities or other stakeholders.
• They have undertaken to comply with the applicable statutory, regulatory, accounting and tax requirements arising from implementation of the Scheme with the revised Appointed Date.

What it means, in simple terms

• In an amalgamation, the appointed date is the date from which the Scheme is given effect for accounting purposes. The Tribunal has now fixed that date as April 1, 2026, in place of the earlier October 1, 2023.
• The Scheme will become effective only upon completion of the steps laid out in the approved Scheme. The company has said it will update the exchanges once the Scheme becomes effective.

Points to note

• The certified copy of the Order dated October 12, 2026 is awaited.
• The Order dated October 12, 2026 pronounced by the Tribunal was available on the NCLT website at 04:39 p.m. on the same day, and a copy is also available on the Company's website.

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