SIShish Industries540693Scheme of arrangement

NCLT allows amalgamation application; shareholder and unsecured creditor meetings set for 15 December 2026

NCLT Ahmedabad Bench has allowed the application for amalgamation of Shish Polylam Pvt Ltd and Shish Global Solutions Pvt Ltd into Shish Industries Ltd, with appointed date 1 April 2026.

By ScoutQuest · Sat 31 Oct 2026, 6:43 PM IST · 2 min read

Appointed Date

1 April 2026

Shareholder / Creditor Meeting Date

15 December 2026 (equity shareholders 10:30 A.M.; unsecured creditors 12:30 P.M.)

NCLT Order

NCLT Ahmedabad Bench order dated 31 October 2026 in CA(CAA)/43(AHM)2026

What the order says

The National Company Law Tribunal, Ahmedabad Bench, has allowed the application in CA(CAA)/43(AHM)2026 shared in relation to the scheme of amalgamation of Shish Polylam Private Limited (Transferor Company No. 1) and Shish Global Solutions Private Limited (Transferor Company No. 2) with Shish Industries Limited (Transferee Company). The appointed date stated in the scheme is 1 April 2026, and the scheme is subject to its terms and applicable laws.

Meetings ordered

• Equity shareholders of the transferee company: 15 December 2026, 10:30 A.M., to consider and, if thought fit, approve the proposed scheme, with or without modification(s).
• Unsecured creditors of the transferee company: 15 December 2026, 12:30 P.M., on the same terms.
• Both meetings are to be held through Video Conferencing / Other Audio Visual Means.
• Meetings of the equity shareholders and creditors (secured and unsecured) of both transferor companies, and the meeting of secured creditors of the transferee company, have been dispensed with in view of the consents placed on record.

What the two merging companies do

Transferor Company No. 1 is in radiant barrier, roof underlayment, paper and aluminium PE/PP/EVA lamination and extrusion lamination products. For the year ended 31.03.2026 it had revenue from operations of ~Rs.1.63 crore, other income of Rs.5,77,530/- and profit before tax of ~Rs.38.36 lakh. Transferor Company No. 2 is in e-commerce and online trading of home, office and construction-related products, and in software, IT and digital business solutions. For the year ended 31.03.2026 it had revenue from operations of ~Rs.36.11 lakh, other income of Rs.4,24,660/- and a loss before tax of ~Rs.35.84 lakh.

Ownership and capital

The entire issued and subscribed share capital of both transferor companies is held by the transferee company and its nominee, so both are being merged into a company that already owns them. Transferor Company No. 1 has paid-up capital of 2.4 lakh equity shares of Rs.10/- each, totalling Rs.24,00,000. Transferor Company No. 2 has paid-up capital of 10,000 equity shares of Rs.10/- each, totalling Rs.1,00,000.

Creditors of the merging companies (as on 31.08.2026)

• Transferor Company No. 1: 1 secured creditor with ~Rs.1.69 crore outstanding and 1 unsecured creditor with ~Rs.2.45 crore outstanding; both consented to the scheme.
• Transferor Company No. 2: no secured creditor and 1 unsecured creditor with ~Rs.3.52 crore outstanding, which consented to the scheme.

What this means for a retail holder

This is a step in the process, not the completion of the merger. The scheme now goes before the equity shareholders and unsecured creditors of Shish Industries at the meetings on 15 December 2026, where it will be considered with or without modification(s). The order also records that the consent of the creditors and shareholders of the transferor companies, and of the secured creditors of the transferee company, was already placed on record, which is why those meetings were dispensed with.

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