Eraaya Lifespaces Limited has obtained significant judicial protection from the Delhi Commercial Court, securing comprehensive relief against claims based on what the company maintains is a forged document. The ruling, delivered on January 7, 2026, marks a decisive victory for the technology holding company in its ongoing legal dispute.

Court Dismisses Arbitration Application

The Hon'ble District Judge (Commercial Court), Delhi, passed a detailed order in CS (Comm.) No. 1099 of 2024, rejecting the arbitration plea filed by Mr. Robin Raina under Section 8 of the Arbitration and Conciliation Act, 1996. The court determined that no prima facie valid or enforceable arbitration agreement exists in relation to the disputed document dated August 16, 2024.

The court's decision was informed by the company's consistent denial of the document's execution, authenticity, and legitimacy. Eraaya has maintained throughout the proceedings that the document is forged and fabricated, and therefore not binding upon the company.

Interim Injunctive Relief Granted

Beyond dismissing the arbitration application, the court granted the company's application under Order XXXIX Rules 1 and 2 of the Code of Civil Procedure, 1908. This interim injunctive protection safeguards several critical aspects of the company's operations:

• Corporate governance structures
• Management authority and decision-making processes
• Company assets and financial resources
• Protection from proceedings based on the disputed document

The court also restrained Mr. Robin Raina from seeking or pursuing any reliefs, remedies, or proceedings founded upon the disputed document, providing comprehensive protection to the company and its global subsidiaries operating under Ebix Inc.

Pattern of Rejected Claims

The Commercial Court's decision aligns with previous judicial outcomes involving similar claims. The court took judicial note of earlier attempts to invoke arbitration on the same basis, which were rejected at multiple levels:

These consistent rejections across different judicial levels demonstrate what the court described as "the absence of prima facie satisfaction as to the existence of any arbitration agreement."

Corporate Governance Impact

The ruling reinforces Eraaya's commitment to robust corporate governance and judicial accountability. By staying all claims premised on the disputed document, the order puts an end to what the company characterizes as repetitive and unfounded proceedings. This comprehensive protection allows the company to focus on its core business operations without the distraction of litigation based on documents whose validity has been consistently rejected.

The decision provides stability for Eraaya's global operations, which span 13 countries and include technology platforms, payment solutions, travel services, and emerging businesses through its Ebix Inc. subsidiaries. The company's diversified portfolio serves both enterprise and consumer markets worldwide across four core business segments.

Eraaya Lifespaces Limited has completed the conversion of 26,60,000 warrants into equity shares at ₹81 per share through its promoter group entity Just Right Life Limited. The transaction, executed on January 2, 2026, has been formally disclosed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Warrant Conversion Transaction Details

Just Right Life Limited acquired the equity shares through conversion of warrants that were originally issued on preferential basis under Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The newly allotted shares rank pari-passu with existing equity shares and are subject to stipulated lock-in periods.

Shareholding Pattern Changes

The conversion significantly altered Just Right Life Limited's shareholding in Eraaya Lifespaces, increasing both their equity stake and overall ownership percentage in the company.

Capital Structure Impact

Following the warrant conversion, Eraaya Lifespaces' paid-up capital has increased substantially, strengthening the company's equity base and providing enhanced financial flexibility for future operations.

Updated Capital Position

Outstanding Warrant Holdings

Despite the current conversion, Just Right Life Limited retains substantial warrant holdings for potential future conversions, maintaining significant conversion rights in the company.

The regulatory disclosure was filed with BSE Limited under scrip code 531035, ensuring full compliance with SEBI regulations. Just Right Life Limited, incorporated under CIN U74110DL2015PLC283415, continues to hold a significant position in Eraaya Lifespaces' capital structure through both converted equity shares and outstanding warrants.