Jhaveri Credits Gets NCLT Approval for U R Energy Merger

Introduction

Jhaveri Credits and Capital Limited has received the formal order from the National Company Law Tribunal (NCLT), Ahmedabad Bench, sanctioning its scheme of amalgamation with U R Energy (India) Private Limited. The company disclosed the receipt of the order copy on March 9, 2026, marking a significant milestone in the merger process that has been underway since 2025. This approval clears the path for the integration of the two companies, concluding a key regulatory phase.

The NCLT Sanction

The NCLT delivered its verdict on March 5, 2026, following proceedings for the petition C.A.(CAA)/31(AHM)2025. The bench, comprising Mr. Shammi Khan (Member Judicial) and Mr. Sanjeev Sharma (Member Technical), reserved the order after hearing all involved parties. The amalgamation was structured under the provisions of Sections 230 to 232 of the Companies Act, 2013, which govern such corporate arrangements. The company has maintained compliance with SEBI's listing obligations throughout this process, ensuring transparency for its stakeholders.

Details of the Amalgamation Scheme

The approved scheme outlines the merger of U R Energy with Jhaveri Credits. This strategic move is expected to create a combined entity with enhanced capabilities. The structure of the deal is straightforward, with Jhaveri Credits acting as the absorbing entity, also known as the transferee company.

Path to Merger Approval

The journey to this final approval involved several key steps. After receiving a no-adverse observation letter from BSE Limited on May 12, 2025, Jhaveri Credits filed an application with the NCLT on June 4, 2025. Following an NCLT order dated June 19, 2025, the company convened meetings of its equity shareholders and unsecured creditors on August 2, 2025. In these meetings, the scheme of arrangement received unanimous approval, demonstrating strong support from its stakeholders for the merger. This overwhelming backing was crucial in the subsequent NCLT proceedings.

Recent Board and Committee Restructuring

In parallel with the merger process, Jhaveri Credits has seen significant changes in its corporate governance structure. On February 10, 2026, the board accepted the resignation of Mr. Pareshkumar Kantilal Patel from his position as an Independent Director, citing personal business commitments. This followed the resignation of Mr. Bhumit Patel, a Non-Executive Director, on January 1, 2026. To align with these changes and strengthen its governance framework, the company reconstituted its key board committees on February 10, 2026. The Audit Committee, Nomination & Remuneration Committee, and Stakeholder Relationship Committee were all restructured with revised memberships.

Key Management Appointments

The company has also strengthened its leadership team over the past year. On September 24, 2025, Mr. Jayeshkumar Madhavlal Patel was appointed as an Additional Director (Non-Executive, Independent), bringing over 40 years of experience from the textile industry. On the same day, Mr. Gaurav Pramodkumar Shrimankar was appointed as the Company Secretary and Compliance Officer, a key managerial position responsible for regulatory adherence. These appointments followed the resignation of Mr. Pranav Gokulbhai Patel as an Independent Director, also due to personal business commitments.

Financial Reporting and Compliance

The company remains focused on its financial reporting obligations. A board meeting was held on February 10, 2026, to consider and approve the unaudited standalone financial results for the quarter ended December 31, 2025. The company secretary, Gaurav Shrimankar, has been instrumental in ensuring all disclosures, including the NCLT order and board changes, are filed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Market Performance Snapshot

The corporate developments have occurred against a backdrop of positive stock performance. The company's stock has delivered a one-year return of 24.23%, indicating investor confidence during this period of transition and strategic consolidation.

Conclusion

With the NCLT's final order in hand, Jhaveri Credits and Capital Limited is now set to proceed with the final formalities of merging U R Energy (India) Private Limited into its operations. This approval concludes a meticulous, multi-stage process that began in early 2025. The company's proactive board restructuring and consistent compliance efforts have supported this strategic initiative, which is poised to shape its future growth trajectory. The focus will now shift to the operational integration of the two entities.