Share India Securities Makes Silverleaf Amalgamation Effective

Share India Securities Limited said the amalgamation of Silverleaf Capital Services Private Limited became effective after the filing of e-form INC 28 with the Registrar of Companies, following National Company Law Tribunal approvals that set the scheme's appointed date as April 1, 2026.

What has Share India Securities announced on the Silverleaf scheme?

Share India Securities announced that the Scheme of Amalgamation of Silverleaf Capital Services with the company has become effective in accordance with its terms. The company linked the effectiveness of the scheme to filing e-form INC 28 with the Registrar of Companies, completing a stated legal step in the merger process.

Under the scheme, Silverleaf Capital Services was the transferor company and Share India Securities was the transferee company. The development means the merger has moved beyond the earlier stages of shareholder approval, tribunal sanction and rectification of the scheme's appointed date.

The company had previously disclosed that the National Company Law Tribunal, Ahmedabad Bench-I, approved the Silverleaf scheme through an order dated August 20, 2026. At that point, the company said the order would be filed with the Registrar of Companies within the stipulated period, after which the transferor company would stand amalgamated.

Why was the appointed date of the Silverleaf merger changed?

The appointed date was corrected from October 1, 2023 to April 1, 2026 through a rectification order pronounced by the NCLT, Ahmedabad Bench-I, on October 12, 2026. Share India Securities subsequently received a certified true copy of the rectification order along with a certified true copy of the scheme.

The correction applied to the original tribunal order and revised scheme documentation. The appointed date is a specified date under a merger scheme and provides the reference point set out in the approved arrangement. The disclosures do not state any immediate dilution or payout change resulting from the rectification.

Before the tribunal process was completed, shareholders had approved the Silverleaf scheme. Equity shareholders voted 99.83% in favour, according to the information provided. The NCLT's August 20 sanction and the October 12 rectification were therefore separate milestones before the filing that made the scheme effective.

What did the NCLT approval process involve?

The NCLT, Ahmedabad Bench-I, sanctioned the Silverleaf amalgamation under the applicable framework for schemes of arrangement. The company said the tribunal's August 20 order was made available on the NCLT website at 4:16 pm on the same day and was also placed on Share India Securities' website.

A certified copy of the original order was initially awaited. The subsequent rectification order addressed the appointed-date issue, and Share India Securities disclosed receipt of the certified documents. The company later confirmed that the filing with the Registrar of Companies had been made, allowing the scheme to become effective under its terms.

The disclosures were issued under Regulation 30 and other applicable provisions of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. These requirements call for listed entities to report material corporate developments, including updates on schemes of amalgamation.

How does the Ace Alpha Tech proposal differ from the Silverleaf merger?

The proposed amalgamation of Ace Alpha Tech Limited is at an earlier stage than the now-effective Silverleaf scheme. Share India Securities said its board, at a meeting held on October 30, 2026, approved a proposal to amalgamate Ace Alpha Tech with the company as a going concern.

The company had also informed BSE that a board meeting was scheduled for November 6, 2026 to consider and approve the proposed Ace Alpha Tech scheme. It said the trading window would remain closed until 48 hours after the required disclosures. The board approval authorises management to obtain the reports and approvals required for the proposed arrangement.

The Ace Alpha Tech proposal is subject to the provisions of Sections 230 to 232 of the Companies Act, 2013, relevant rules, applicable SEBI regulations and other applicable laws. The available disclosures do not state that this proposed scheme has received shareholder or NCLT approval, unlike the completed Silverleaf process.

What other board decisions were announced by Share India Securities?

Alongside the Ace Alpha Tech proposal, Share India Securities' board approved raising up to Rs 100 crore through debt instruments, including non-convertible debentures. The board also approved a dividend, although the supplied disclosures do not provide a common dividend amount or record date for the relevant announcement.

For investors, the announcements distinguish between a legally effective amalgamation with Silverleaf and a separately proposed amalgamation with Ace Alpha Tech. They also show that the board considered debt fundraising of up to Rs 100 crore while progressing corporate actions and merger-related proposals.

The Silverleaf merger's effectiveness completes the procedural sequence disclosed by the company: tribunal sanction, rectification of the appointed date, receipt of certified documents and filing with the Registrar of Companies. The disclosures do not provide financial details of Silverleaf, a valuation of the combined entity or an updated financial impact from the effective date.

Conclusion

Share India Securities has confirmed that the Silverleaf Capital Services amalgamation is effective after the required Registrar of Companies filing. The process included NCLT sanction on August 20, 2026, an October 12 rectification that changed the appointed date to April 1, 2026, and prior shareholder approval with 99.83% votes in favour.

Attention will now remain on the proposed Ace Alpha Tech amalgamation, for which the board has approved the proposal and management is to obtain required reports and approvals. Investors may also track disclosures on the planned debt issuance of up to Rs 100 crore and any further details on the proposed scheme.