Persistent Systems , a global Digital Engineering and Enterprise Modernization leader, has announced its recognition in the 2026 Extel Asia Executive Team Survey, earning the prestigious distinction of "Most Honored Company" for the third consecutive year. The company secured strong performance across multiple categories in both the pan-Asia and Asia excluding Mainland China results, further reinforcing its growing credibility among the global investment community. Persistent had also secured top rankings in the 2025 and 2024 editions of the survey.

Top Rankings Across Key Categories

In the Asia excluding Mainland China results for the Technology, IT Services, Software & AI industry, Persistent Systems secured the following rankings:

These rankings reflect the company's sustained focus on strong corporate governance, transparent stakeholder engagement, disciplined execution, and consistent business performance.

Survey Scope and Significance

Extel is known for its independent research and rankings on corporate leadership, investor relations programs, governance, and financial communications. For over five decades, its surveys have served as a benchmark for the global investment community. In this year's edition, more than 5,500 institutional investors and analysts evaluated over 2,500 companies and 2,700 executives across Asia.

The rankings highlight Persistent Systems' strength across key survey parameters, including:

• Leadership credibility and communication
• Financial stewardship and capital allocation
• Accessibility of senior executives
• Responsiveness to investors and analysts
• Consistency and transparency of financial disclosures

Leadership Commentary

Sandeep Kalra, Chief Executive Officer and Executive Director, commented on the recognition: "Consistent recognition in the Extel rankings reflects the trust and confidence that investors and analysts continue to place in Persistent. We are grateful for their support and committed to strong governance, disciplined execution and delivering differentiated value to our clients. As the technology landscape continues to evolve, we remain focused on building a resilient, future-ready business that scales with purpose and agility, while driving sustained long-term value for all our stakeholders."

About Persistent Systems

Persistent Systems is a global services and solutions company delivering AI-led, platform-driven Digital Engineering and Enterprise Modernization to businesses across industries. With over 27,500 employees located in 18 countries, the company offers a comprehensive suite of services including software engineering, product development, data and analytics, CX transformation, cloud computing, and intelligent automation. The company is part of the MSCI India Index and is included in key indices of the National Stock Exchange of India, including the Nifty Midcap 50, Nifty IT, and Nifty MidCap Liquid 15, as well as several on the BSE such as the S&P BSE 100 and S&P BSE SENSEX Next 50. Persistent Systems is also a constituent of the Dow Jones Sustainability World Index and has achieved carbon neutrality. With 468% growth in brand value since 2020, Persistent Systems is the fastest-growing IT services brand in the 'Brand Finance India 100' 2025 Report.

Persistent Systems Limited has received the Certified True Copy of the order issued by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench-I, approving the Scheme of Amalgamation of its wholly owned subsidiary, Arrka Infosec Private Limited (Transferor Company), with Persistent Systems Limited (Transferee Company). The certified copy was received through the company's advocate on May 11, 2026, following the order pronounced on April 21, 2026.

Key Details of the Merger Order

The merger was adjudicated under Company Petition CP (CAA) No. 206/MB/2025 in CA (CAA) No. 179/MB/2025, before a bench comprising Shri Prabhat Kumar, Member (Technical), and Shri Sushil Mahadeorao Koche, Member (Judicial). The following table summarises the key parameters of the approved scheme:

Background of the Petitioner Companies

Arrka Infosec Private Limited (CIN: U72200PN2012PTC141873) was originally incorporated on January 6, 2012, under the name "Innovative 21st Century Technologies Minds Private Limited" and was subsequently renamed on July 14, 2017. The company is engaged in information technology and IT-enabled services, including data processing, analytics, strategic management, and HR analytics, among others. Its registered office is located at Bhageerath, Vetal Chowk, 402E, Senapati Bapat Road, Pune 411016, and it is a wholly owned subsidiary of Persistent Systems Limited.

Persistent Systems Limited (CIN: L72300PN1990PLC056696) was incorporated on May 30, 1990, and is engaged in the design, development, manufacture, and marketing of computer software, firmware, and hardware systems for commercial, industrial, scientific, medical, and defence applications. Its registered office is at Bhageerath, 402 Senapati Bapat Road, Pune, Maharashtra, India, 411016. The shares of Persistent Systems Limited are listed on BSE and NSE, while those of Arrka Infosec Private Limited are not listed on any stock exchange.

Rationale for the Scheme

The Board of Directors of both companies approved the scheme — Arrka Infosec on April 24, 2025, and Persistent Systems on April 23, 2025. The rationale cited for the amalgamation includes:

• Simplification of the corporate structure by merging a wholly owned subsidiary operating in a similar line of business
• Realisation of synergy gains and elimination of duplicate corporate procedures
• Consolidation of undertakings for effective management and unified control of operations
• Reduction of administrative and managerial costs, and minimisation of duplication of records and regulatory compliances

Consideration and Capital Treatment

Since Arrka Infosec Private Limited is a wholly owned subsidiary of Persistent Systems Limited, no new shares of the Transferee Company will be allotted in lieu of or in exchange for the holding in the Transferor Company. Upon the scheme becoming effective, the issued and paid-up capital of the Transferor Company shall stand cancelled on the Effective Date without any further act, instrument, or deed.

Regulatory Compliance and Key Directions

The NCLT noted that all requisite statutory compliances had been fulfilled and that no objections were received from any statutory, regulatory authority, creditors, members, or other stakeholders. The Official Liquidator, High Court, Bombay, confirmed in its report dated January 8, 2026, that the affairs of the Transferor Company had not been conducted in a manner prejudicial to the interests of creditors or to public interest. The Income Tax Department, which had initially raised observations, conveyed on January 9, 2026, that it had no objection to the scheme, subject to protection of its rights.

Key directions issued by the NCLT include:

• The Petitioner Companies must file a copy of the order along with the Scheme with the concerned Registrar of Companies electronically in E-Form INC-28 within 30 days from the date of receipt of the order
• A copy of the order and scheme must be lodged with the concerned Superintendent of Stamps for adjudication of stamp duty within 60 days from receipt of the order
• All employees of the Transferor Company in service on the date immediately preceding the Effective Date shall become employees of Persistent Systems Limited without any break or interruption in service, on terms and conditions not less favourable than those subsisting prior to the merger
• The Transferor Company is dissolved without winding up upon the scheme taking effect
• All liabilities of the Transferor Company shall be transferred to Persistent Systems Limited; liabilities in respect of offences committed prior to the merger shall continue as provided under Section 240 of the Companies Act, 2013