Cigniti Technologies has taken a significant step towards its proposed merger with Coforge Limited by filing an application with the National Company Law Tribunal (NCLT), Chandigarh Bench. This move marks a crucial development in the company's strategic plans for amalgamation.

Key Details of the Amalgamation Application

• Applicant: Cigniti Technologies Limited (Transferor Company)
• Proposed Merger With: Coforge Limited (Transferee Company)
• NCLT Bench: Chandigarh
• Purpose: Seeking approval for the scheme of amalgamation

Background and Timeline

The company has been transparent about its merger plans, with previous intimations to the stock exchanges dating back to:

• December 27: Initial disclosure of the amalgamation scheme
• July 18: Follow-up communication regarding the merger plans

Implications of the Merger

The proposed amalgamation, if approved, will have far-reaching effects on:

• Shareholders of both Cigniti Technologies and Coforge Limited
• Creditors of the involved companies
• The organizational structure and operations of both entities

Official Communication

In an official disclosure to the stock exchanges dated August 7, Naga Vasudha, Company Secretary & Compliance Officer of Cigniti Technologies, stated:

"The Company has filed an application with the Hon'ble National Company Law Tribunal, Chandigarh Bench (NCLT), in connection with the proposed Scheme for its approval."

What's Next

The filing of this application with the NCLT marks a critical phase in the merger process. Stakeholders will now await the tribunal's decision, which will determine the future course of the amalgamation between Cigniti Technologies and Coforge Limited.

Investors and market watchers are advised to stay tuned for further updates as the merger proceedings progress through the regulatory channels.

Note: This article is based on the latest available information as of August 7. Interested parties should refer to official company communications and regulatory filings for the most current status of the merger process.

Morgan Stanley Asia Singapore Pte has made a significant move in the Indian technology sector by acquiring 1.6 lakh shares of Cigniti Technologies Ltd for ₹264.00 million through open market transactions. This investment represents a notable stake in the Gurugram-based software testing and quality assurance company.

Investment Details

The acquisition, which took place via open market transactions, highlights the growing interest of international institutional investors in India's technology sector. The purchase price of ₹264.00 million for 1.6 lakh shares implies a per-share value of approximately ₹1,650.00, although the exact price per share was not disclosed in the initial report.

About Cigniti Technologies

Cigniti Technologies, a global leader in independent quality engineering and software testing services, has been making strides in the digital assurance and engineering space. The company, which is part of the Coforge group, has its global delivery center in Hyderabad and a registered office in Gurugram, Haryana.

Recent Corporate Developments

According to the latest corporate filing by Cigniti Technologies, the company has undergone several significant changes:

1. Financial Results: The Board of Directors approved the unaudited standalone and consolidated financial results for the quarter ended June 30. The statutory auditors have issued an unmodified opinion on these results.

2. ESOP Allotment: The company allotted 60,000 equity shares to Mr. Vinay Rawat, an employee, under the Cigniti ESOP Scheme 2015.

3. Change in Registrar and Transfer Agent: Cigniti has decided to appoint MUFG Intime India Private Limited as its new Registrar & Share Transfer Agent, effective from November 15, replacing Aarthi Consultants Private Limited.

4. Management Changes: Ms. Naga Vasudha will be resigning as Company Secretary and Compliance Officer, effective August 31. Mr. Abhishek Dahia will take over these roles from September 1.

Market Implications

Morgan Stanley's investment in Cigniti Technologies could be seen as a vote of confidence in the company's business model and growth prospects. It may also signal broader interest in India's software testing and quality assurance sector among global institutional investors.

As Cigniti Technologies continues to evolve with recent management changes and corporate actions, the infusion of capital from a major global financial institution like Morgan Stanley could potentially support the company's growth strategies and market position in the competitive digital assurance landscape.

Investors and market analysts will likely be watching closely to see how this investment impacts Cigniti's performance and strategic direction in the coming quarters.