NCLT Mumbai Sanctions Merger Between Mirae Asset Sharekhan and Mirae Asset Financial Services

A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar while sanctioning the merger scheme on February 24 observed:

“From material on record, the Scheme appears to be fair and reasonable and is not in violation of any provisions of law and is not contrary to public policy considering that no objection has so far been received from any other authority or creditors or members or any other stakeholders.”

Mirae Asset Financial Services operates in financial services and lending. In India, it provides loans against securities and mutual funds, personal and corporate loans.

At the first motion stage on November19, 2025, the tribunal had dispensed with the requirement of convening meetings of shareholders and creditors after recording consent affidavits and compliance documents on record, and permitted the companies to move the second motion petition

The merger was undertaken pursuant to a direction issued by the Reserve Bank of India following Mirae Asset's acquisition of the Sharekhan group in November 2024, which required surrender of one NBFC licence post-merger. The RBI's no-objection certificate dated September 12, 2025 was placed on record.

The tribunal recorded that all statutory requirements had been complied with, no objections were received from regulators or stakeholders, and the Official Liquidator confirmed that the affairs of the transferor company were not conducted prejudicially.

Accordingly, the tribunal sanctioned the scheme and the amalgamating company was ordered to be dissolved without winding up, subject to regulatory and tax compliances with the income tax department.

For Applicant: Advocates Ahmed Chunawala, Himanshoo Tembe, Meghna Somani

For Regional Director: Advocate Altap Shaikh, ICLS