@Yashas Well, I am not sure what you mean by a "derivation" of the Schrodinger equation. Although I hate the nomenclature, there is the 'time independent' Schrodinger equation which is just a glorified eigenvalue-eigenvector equation and there is no way of deriving it. And then there is the 'time-dependent' equation, which can be given a derivation of some sort (like the one in Sakurai, for example)
Anyway, the "derivation" that you are talking about definitely seems hacky