Shyam Metalics and Energy Limited has received final approval from the National Company Law Tribunal (NCLT), Kolkata Bench, for the amalgamation of its wholly-owned subsidiary, Shree Venkateshwara Electrocast Private Limited (SVEPL), with Shyam Sel and Power Limited. The order, dated 16th October 2026, sanctions the Scheme of Amalgamation, which will be effective from 1st April 2024. This signifies the consolidation of operations under a single entity.
NCLT Sanctions Amalgamation Scheme
Shyam Metalics and Energy Limited has officially announced the approval of its proposed Scheme of Amalgamation by the National Company Law Tribunal (NCLT), Kolkata Bench. The order, dated 16th October 2026, sanctions the amalgamation of Shree Venkateshwara Electrocast Private Limited (SVEPL) with Shyam Sel and Power Limited, a wholly-owned subsidiary of Shyam Metalics.
Key Details of the Amalgamation
The approved Scheme of Amalgamation was filed under Section 230 read with Section 232 of the Companies Act, 2013. The NCLT’s order makes the amalgamation legally binding on Shree Venkateshwara Electrocast Private Limited, Shyam Sel and Power Limited, their respective shareholders, creditors, and all other concerned parties. The effective date for the Scheme of Amalgamation has been set as 1st April 2024.
Operational and Financial Integration
With the Scheme’s approval, all the property, rights, and powers of Shree Venkateshwara Electrocast Private Limited will be transferred to and vest in Shyam Sel and Power Limited. This includes all assets, debts, liabilities, duties, and obligations of the Transferor Company. The employees of Shree Venkateshwara Electrocast Private Limited, if any, will be engaged by the Transferee Company as per the Scheme. Furthermore, any pending proceedings, suits, and appeals involving the Transferor Company will continue with or against the Transferee Company.
Dissolution and Future Operations
Upon the Scheme becoming effective, Shree Venkateshwara Electrocast Private Limited will stand dissolved without winding up. The Registrar of Companies, West Bengal, will consolidate documents related to the Transferor Company with those of the Transferee Company. This consolidation aims to streamline operations and enhance business synergies under the Shyam Metalics group.
Regulatory Filings and Compliance
Shyam Metalics and Energy Limited has complied with all statutory formalities required for the sanction of the Scheme. The company will ensure that a certified copy of the order is delivered to the Registrar of Companies for registration. The NCLT has also clarified that the sanction of the Scheme does not operate as an adjudication or waiver of any tax liability and does not preclude the Income Tax Department from taking any permissible action.
Source: BSE
