The Hon'ble NCLT, vide its order pronounced on October 12, 2026, has rectified the Appointed Date of the Scheme.
The Appointed Date has been changed from October 1, 2023 (as mentioned in the NCLT's initial approval order dated August 20, 2026) to April 1, 2026.
Background and Rationale
The rectification application (Comp. Appl. 37(AHM)2026) was filed jointly by both companies under Rules 11 and 154 of the NCLT Rules, 2016.
The change was sought following objections raised by the Regional Director, Ministry of Corporate Affairs, Ahmedabad, and the Official Liquidator regarding the initial Appointed Date of October 1, 2023, in their report/affidavit dated June 19, 2026.
The respective Boards of Directors of both companies had approved the change in the Appointed Date to April 1, 2026, via resolutions passed on June 24, 2026.
A revised/modified Scheme of Amalgamation reflecting the new Appointed Date was subsequently placed on record along with a reply affidavit dated July 20, 2026, submitted in response to the Regional Director's report.
Regulatory and Judicial Process
The NCLT issued a notice to the Regional Director on September 17, 2026, calling for a reply to the rectification application.
The Regional Director filed a reply on October 7, 2026 (Inward No. R647), stating in paragraph 10: "...this Directorate has no objection to the said application being considered and allowed by the Hon'ble Tribunal in accordance with Law".
After hearing the learned counsel for the applicant companies and the representative of the Regional Director, the NCLT allowed the application.
Order Details
The NCLT ordered that the revised Scheme (Annexure-2 to the application) is modified to reflect the Appointed Date as April 1, 2026.
Paragraph 34(ii) of the original NCLT order dated August 20, 2026, is to be read as: "The Appointed Date for the Scheme shall be 01.04.2026".
Any other reference to the appointed date in the August 20, 2026, order shall also be read as April 1, 2026.
The registry was directed to send a copy of this rectification order to the Regional Director, the Registrar of Companies, BSE, and NSE within seven days.
Current Status and Next Steps
The Scheme will become effective upon completion of the steps laid out in the approved Scheme.
The company will update the exchanges once the Scheme becomes effective.
The certified copy of the NCLT order dated October 12, 2026, is awaited.
The order was pronounced in the open court on October 12, 2026, and was available on the NCLT website (https://nclt.gov.in/) at 4:39 PM on the same day. A copy is also available on the company's website at www.shareindia.com.
Parties Involved
Applicant/Transferor Company: Silverleaf Capital Services Pvt. Ltd. (CIN: U74110GJ2011PTC152636)
Applicant/Transferee Company: Share India Securities Ltd. (CIN: L67120GJ1994PLC115132)
Hon'ble NCLT Bench: Mr. Shammi Khan, Member (Judicial) and Mr. Sanjeev Sharma, Member (Technical)
For Petitioner Companies: Adv. Kartikeya Goel
For Regional Director: Mr. Shiv Pal Singh, Deputy Director
