Share India's Silverleaf Merger Gets 99.83% Shareholder Vote

Share India Securities Limited has moved a significant step closer to completing its amalgamation with Silverleaf Capital Services Private Limited. On March 14, 2026, the company submitted comprehensive voting results from its NCLT-convened stakeholder meetings to the stock exchanges, revealing overwhelming support for the proposed merger. The meetings, held a day earlier on March 13, confirmed strong confidence from shareholders and creditors in the strategic direction of the company.

Overwhelming Shareholder Mandate

The proposal received a decisive mandate from the company's equity shareholders. Out of 13,82,49,606 valid votes cast by 204 shareholders, an overwhelming 13,80,07,689 votes were in favour of the amalgamation. This translates to an approval rate of 99.83%. Opposition to the scheme was minimal, with only 2,41,917 votes, or 0.18% of the total, cast against it. The promoter group showed complete alignment, with 100% of their votes supporting the merger.

Unanimous Approval from Creditors

Support for the amalgamation was unanimous across all creditor categories, underscoring the financial community's confidence in the merger's viability. Secured creditors, representing a total debt of ₹2,119.95 crore, voted entirely in favour. This group includes major financial institutions like ICICI Bank, HDFC Bank, and Axis Bank. Similarly, 51 unsecured creditors, with obligations amounting to ₹15.55 crore, provided 100% approval. Non-Convertible Debenture (NCD) holders also gave their unanimous consent, with 79 voters representing 7,814 debentures all voting in favour of the scheme.

Voting Results Summary

Structured Meeting and Voting Process

The stakeholder meetings were conducted systematically through video conferencing under the supervision of the National Company Law Tribunal (NCLT). The process was designed to ensure broad participation and transparency. A robust voting mechanism combined remote e-voting, which was open from March 9 to March 12, with live voting during the meetings. The entire process was managed on the CDSL electronic system, with March 6, 2026, set as the record date for determining shareholder eligibility.

Meeting Schedule and Attendance

Strategic Importance of the Amalgamation

The merger with Silverleaf Capital Services is a key strategic initiative for Share India Securities. The primary goal is to integrate Silverleaf's advanced technological capabilities, particularly in high-frequency trading, into Share India's existing operations. This synergy is expected to bolster the company's technology stack, enable the expansion of its product portfolio, and create new, diversified revenue streams. Management anticipates that the amalgamation will also lead to significant economies of scale and improved operational efficiency, ultimately creating enhanced value for shareholders.

Governance and Regulatory Path

The meetings were conducted under strict governance protocols. Mr. Atul Lakhanpal, Senior Advocate, was appointed by the NCLT to chair all four meetings, while Mr. Mahendra Kumar P Parmar, Advocate, served as the NCLT-appointed Scrutinizer to ensure the integrity of the voting process. The company has filed all required documentation, including the scrutinizer's consolidated report, with the stock exchanges in compliance with SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.

Conclusion and Next Steps

The successful completion of the stakeholder meetings with near-unanimous approval marks a critical milestone in the amalgamation process. It clears a major hurdle and reflects a unified vision among the company's financial backers and owners. With stakeholder consent secured, Share India Securities will now proceed to the final stage of the merger process. The company will seek the final sanctioning order from the National Company Law Tribunal to formally complete the amalgamation with Silverleaf Capital Services.