Eraaya lifespaces Limited has submitted a detailed clarification to BSE Limited regarding the disclosure of resignation letters under SEBI LODR Regulations 2015. The communication, dated April 4, 2026, was addressed to the Listing Compliance Department of BSE Limited in response to the exchange's inquiry on the matter.

Company's Disclosure Practices

The company emphasized its regular compliance with disclosure requirements, stating that it has been consistent in making disclosures of material developments. These disclosures encompass both stipulated and relevant discretionary disclosures that have a bearing on the company's business, governance, and regulatory framework, including changes in the composition of its Board of Directors.

Legal Constraints and Evaluation Process

Regarding the specific resignation letters under reference, Eraaya Lifespaces Limited explained that these arose in the context of interconnected developments involving ongoing legal proceedings and related considerations. The company stated that it was guided by applicable legal constraints while evaluating the appropriate scope and manner of disclosure.

Court Intervention and Current Status

The company revealed that it had approached the Delhi High Court seeking appropriate directions regarding the disclosure matter, particularly considering the nature of certain statements contained in the resignation letters. This approach was described as being based on a considered and bona fide assessment of the prevailing facts and circumstances at the relevant time.

Exchange Action and Company Response

The company acknowledged that BSE Limited has since disseminated the resignation letters in question. Eraaya Lifespaces Limited duly noted this action by the exchange while reiterating its commitment to compliance with the applicable provisions of the SEBI LODR Regulations 2015.

The clarification was signed by Arun Batra, Director of the company with DIN 06500891, emphasizing the company's cooperative approach with regulatory authorities and its commitment to maintaining transparency within the legal framework.

Eraaya lifespaces Limited has officially concluded its Board of Directors meeting held on March 28, 2026, implementing comprehensive leadership changes and governance framework restructuring in compliance with SEBI regulations. The meeting, conducted at the company's registered office at #54, Janpath, New Delhi, addressed critical organizational transitions and strategic realignments as part of ongoing efforts to strengthen leadership depth, governance standards and operational effectiveness.

Key Leadership Appointments

The board approved significant changes based on recommendations from the Nomination and Remuneration Committee and Audit Committee. The appointments were finalized as part of a comprehensive realignment of the company's leadership and governance framework at the ultimate holding company level.

The board noted that the current Chief Financial Officer will step down from the position while continuing to serve the company in other roles as part of the comprehensive realignment.

New CEO Profile and Expertise

Mr. Sushil Gupta brings over 30 years of extensive experience in stabilizing, transforming, and scaling promoter-led organizations through strong financial discipline, governance, and execution excellence. His previous leadership roles at SpiceJet and Sahara India Group demonstrate consistent success in cash flow optimization, strengthening internal controls, and implementing ERP-led digitization initiatives.

Mr. Gupta's expertise encompasses liquidity management, operational integration, risk oversight, and building scalable governance frameworks. His hands-on approach and strategic perspective are expected to enhance investor confidence and support the company's next phase of sustainable growth and global positioning.

CFO Appointment and Background

Mr. Ashish Sharma, the newly appointed Chief Financial Officer, is a Chartered Accountant with over 26 years of post-qualification experience across multinational corporations. His most recent association with Accenture spanned over 15 years, where he led operations delivery across Finance & Accounts, Financial Planning & Analysis, Order-to-Cash, Supply Chain Management, Treasury, and HR Operations.

Prior to Accenture, he gained over 12 years of diverse experience and has consistently driven transformation initiatives and continuous improvement across process delivery, client engagement, project management, and organizational development.

Governance Framework Restructuring

The board approved reconstitution of statutory Board Committees as part of the governance transition, ensuring an appropriate mix of skills, independence, and domain expertise in alignment with regulatory requirements. The board also approved creation of senior management positions to strengthen governance, compliance and risk oversight.

Updated Audit Committee Composition:

Updated Risk Management Committee:

Strategic Organizational Transition

The meeting noted a strategic transition from a unified global leadership framework at Ebix Inc. level to a decentralized structure. Each business vertical and geography is now independently led by designated leadership supported by dedicated management teams with clearly defined roles and accountabilities.

The board observed that interim arrangements put in place during the transition phase are no longer required, marking a significant step toward a more agile, accountable, and performance-driven governance model. The meeting commenced at 4:00 PM and concluded at 4:50 PM, with certain consolidation-related complexities requiring additional information and domain expert input for future consideration.