amalgamation | Business Upturn

Coforge awaits NCLT pronouncement on merger with Cigniti Technologies

Business Desk — Fri, 27 Mar 2026 17:23:25 +0000

Coforge Limited has announced that the National Company Law Tribunal (NCLT) has reserved its order for the formal pronouncement regarding the proposed Scheme of Amalgamation with Cigniti Technologies Limited. The announcement was made on 27 March 2026, marking a significant step in the merger process.

The proposed amalgamation involves Cigniti Technologies Limited merging with and into Coforge Limited, along with their respective shareholders and creditors. This scheme is being conducted under sections 230 to 232 and other applicable provisions of the Companies Act, 2013, as per the rules made thereunder.

The process has been ongoing, with previous disclosures made on several dates, including December 27, 2024, July 18, 2025, August 7, 2025, October 18, 2025, November 4, 2025, November 6, 2025, December 6, 2025, December 8, 2025, and January 28, 2026. These updates have kept stakeholders informed about the progress of the merger.

Coforge Limited also reported that the statutory authorities have recorded their no-objection to the sanctioning of the scheme, indicating a positive outlook for the merger’s approval.

The company has committed to notifying the stock exchanges and making the information available on its website once the NCLT order is received. This step will ensure transparency and keep investors and stakeholders updated on the progress of the merger.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Polycab India completes amalgamation with Uniglobus Electricals

Kinjal — Fri, 27 Mar 2026 14:30:29 +0000

Polycab India Limited has announced the completion of its amalgamation with Uniglobus Electricals and Electronics Private Limited. The scheme of amalgamation, which received approval from the National Company Law Tribunal (NCLT) Ahmedabad Bench on February 27, 2026, has now been filed with the jurisdictional Registrar of Companies, marking March 27, 2026, as the effective date.

The amalgamation process was initiated with the aim of consolidating operations and enhancing operational efficiencies. According to the details provided, the certified copy of the NCLT order sanctioning the scheme has been duly filed, thereby making the scheme operative and effective from the stated date.

This strategic move is expected to streamline the business operations of Polycab India, allowing for a more integrated approach to its electricals and electronics business. The completion of this amalgamation is a significant milestone for Polycab India as it seeks to strengthen its market position and expand its operational capabilities.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Piramal Finance approves Rs 15,000 crore NCD issuance and announces merger scheme

Kinjal — Fri, 27 Mar 2026 10:13:28 +0000

Piramal Finance Limited’s Board of Directors has approved a significant financial strategy involving the issuance of Redeemable Non-Convertible Debentures (NCDs) and a scheme of amalgamation. The decisions were made during the board meeting held on 27th March 2026.

The company plans to issue NCDs on a private placement basis, with a total size of up to ₹15,000 crore. This issuance will occur in one or more tranches between 1st April 2026 and 31st March 2027, as decided by the Committee of Directors. The move is aimed at raising capital to support the company’s financial strategies and operations.

In addition to the NCD issuance, the board also approved a scheme of amalgamation involving Piramal Finance Limited and its wholly-owned subsidiaries: Piramal Corporate Tower Private Limited, Piramal Agastya Offices Private Limited, and DHFL Investments Limited. The amalgamation is designed to simplify the group structure, optimise capital allocation, strengthen the balance sheet, and enhance operational and financial efficiency.

The proposed merger is subject to the approval of the National Company Law Tribunal (NCLT), the Insurance Regulatory and Development Authority of India, shareholders, creditors, and other regulatory authorities. Once effective, the equity shares held by Piramal Finance in the subsidiaries will be cancelled, with no new consideration issued.

Furthermore, the board acknowledged the resignation of Mr. Gautam Bhailal Doshi, a Non-Executive Independent Director, effective from the close of business on 27th March 2026. Mr. Doshi resigned due to personal reasons, and the board expressed its appreciation for his contributions.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Kinjal and reviewed by Markets Desk before publication.

Devyani International approves merger with three subsidiaries

Business Desk — Tue, 10 Mar 2026 11:16:09 +0000

Devyani International has announced the approval of a Scheme of Amalgamation involving the merger of its wholly-owned subsidiaries Sky Gate Hospitality, Blackvelvet Hospitality, and Say Chefs Eatery with itself. The decision was made during a board meeting held on 10 March 2026.

The appointed date for the merger is set for the opening hours of 1 April 2025. The amalgamation aims to achieve better business synergies, optimise resource utilisation, reduce operational costs, and increase overall efficiency, thereby maximising value creation for stakeholders.

Devyani International, the largest franchisee of Yum Brands in India, operates over 2,000 stores across more than 280 cities in India and other countries. The transferor companies operate over 100 outlets, including dine-in and cloud kitchens, in more than 40 cities.

The merger will not involve the issuance of new shares, as the transferor companies are wholly-owned subsidiaries of Devyani International. Consequently, no share entitlement ratio or valuation report is required.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

What is amalgamation in the corporate world? Explained

Aditya Bhagchandani — Sat, 22 Mar 2025 10:37:29 +0000

In the corporate world, the term amalgamation refers to the process where two or more companies combine to form a single new entity. It is a form of business restructuring that helps companies achieve operational efficiency, expand market reach, reduce competition, or consolidate resources. Amalgamation is different from acquisitions or takeovers because it results in the formation of an entirely new company, and both merging companies lose their individual identity in the process.

Amalgamation is governed by legal and regulatory frameworks, primarily under the Companies Act and relevant guidelines issued by regulatory authorities such as SEBI and the Competition Commission of India. The companies involved in the amalgamation must get approval from shareholders, creditors, and regulatory bodies to proceed with the merger.

The process usually begins with the preparation of an amalgamation scheme, which outlines how the assets, liabilities, and business operations of the merging companies will be combined. This is followed by a valuation exercise to determine the swap ratio, which dictates how shares of the new entity will be distributed to shareholders of the merging companies.

There are two main types of amalgamation:

Merger by absorption, where one company absorbs the other, and only one survives.
Merger by consolidation, where both companies combine to form a new company, and both original entities cease to exist.

Amalgamations are common in sectors like banking, manufacturing, telecommunications, and infrastructure, where consolidation leads to better capital efficiency, stronger market presence, and synergies in operations. It can also help companies survive financial distress by joining hands with stronger partners.

For stakeholders, amalgamation can lead to better returns in the long run through increased profitability and reduced duplication of efforts. However, it may also lead to temporary disruptions such as changes in management, workforce restructuring, or rebranding.

In summary, amalgamation plays a crucial role in corporate restructuring by enabling businesses to grow stronger together, reduce inefficiencies, and build long-term value for shareholders.

Jalgaon Peoples Co-operative Bank & Akola Merchant Co-operative Bank merger approved by RBI

Avinash Ram — Sat, 26 Aug 2023 06:13:28 +0000

On August 25, the Reserve Bank of India (RBI) announced that it had approved the merger of The Jalgaon Peoples Co-operative Bank and Akola Merchant Co-operative Bank. The central bank announced in a release that the program will go into action on August 28. With effect from August 28, the Akola Merchant Co-operative Bank branches would operate as branches of The Jalgaon Peoples Co-operative Bank, the notification noted. The merger of Twin Cities Co-operative Urban Bank Ltd and Kranti Co-operative Urban Bank Ltd was also given the go-ahead by the central bank earlier this week. The central bank issued a master directive for the consolidation of urban cooperative banks on March 23, 2021.

The RBI may take into account applications for merger and amalgamation under three conditions, per the instructions. First, when the combined bank (the UCB that proposes to sell its business to another UCB) has a positive net worth and the acquiring bank (the UCB that will take over the combined bank’s operations) guarantees to protect the full deposits of all combined bank depositors. Second, the situation in which proposals should be taken into account is when the combined bank’s net value is negative and the combining bank alone guarantees to protect the deposits of all the combined bank’s depositors. Third, if the combined bank’s net worth is negative and it guarantees to protect depositors’ funds with financial assistance from the state government provided up front as part of the merger procedure.

Key takeaways: Laxmi Vilas Bank’s administrator convenes concall to shed light on merger

Shalmali Bhagwat — Wed, 18 Nov 2020 10:29:56 +0000

Laxmi Vilas Bank Limited administrator, Mr T N Manoharan convened a press meet today to answer queries specific to LVB’s amalgamation with DBS as ordained by RBI.

The administrator mainly assured account holders that there is no need to panic. Customers and stakeholders were assured that their interests will be duly protected. The Q2 losses suffered by the bank were mainly attributed to deterioration of asset quality and high slippages, and the bank had to undergo especially tough times due to liquidity crunch. The account holders were relieved with the update that they can withdraw more than 25,000 for emergencies till 5 lakh, where withdrawal is subject to guidelines (in case of unavoidable emergencies, marriages, higher education or medical treatment). ATMs and branches shall start operating, which is first priority for the bank as specified by the administrator, T N Manoharan.

The second priority is to reassure the public and instil confidence in public. The interests of the employees which are distributed in 563 branches across the country shall be protected in amalgamation, they shall be appointed in transferee bank on the same conditions of service as the previous bank. RBI shall hold the final decision on further course to be taken by the bank and restoration of depositor withdrawal limit in a phased manner is currently a key priority for the bank. The administrator T N Manoharan is confident that a resolution shall be placed before the December 16 deadline. After 20 November, RBI shall take cognizance of suggestions once amalgamation is over. Tier 1 bonds were null and Tier 2 bonds are 368 crores as declared by the administrator.

RBI on Monday announced 1-month moratorium for LVB and its merger with DBS. Old generation private sector lender, Lakshmi Vilas Bank would be the third bank to get rescued by the Reserve Bank of India (RBI) in a span of just a year, the other 2 being Yes bank and Punjab and Maharashtra Co-operative (PMC) Bank. With Lakshmi Vilas Bank, the RBI has already set the ball rolling with DBS India through a draft amalgamation scheme. To be sure, Lakshmi Vilas Bank will be under a moratorium for a month during which means depositors can withdraw only up to ₹25,000 per account. But the RBI has said that a quick merger would mean depositors can get their money back faster. The various details specified if the merger package show that the central bank has been extremely careful in both selecting the suitor and treating various financial instruments of the troubled bank.