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 its largest warrant conversion to date, converting 32,00,000 warrants into equity shares on January 5, 2026. The fund-raising committee approved this conversion at ₹81.00 per share, raising ₹25.92 crores from promoter Vikas Garg, marking the completion of his full warrant conversion program.

Latest Warrant Conversion Details

The fund-raising committee meeting held on January 5, 2026, approved the allotment of 32,00,000 equity shares with a face value of ₹1.00 each at an issue price of ₹81.00 per share, including a premium of ₹80.00 each. This conversion represents the final exercise of Vikas Garg's warrant rights and was conducted as a preferential allotment under SEBI regulations.

Complete Warrant Conversion History

Vikas Garg, belonging to the promoter/promoter group category, has now completed his full warrant conversion program. The warrants were originally allotted on January 18, 2025, carrying the right to subscribe to one equity share per warrant. This latest conversion follows previous conversions of 18,00,000 warrants, bringing his total converted warrants to 50,00,000.

Shareholding Impact and Capital Structure

Following this warrant conversion, Vikas Garg's shareholding has increased significantly from 18,00,000 shares (0.88%) to 50,00,000 shares (2.42%). The conversion has completed his full warrant exercise program, with no pending warrants remaining for future conversion.

Updated Share Capital Structure

The warrant conversion has increased Eraaya Lifespaces' issued and paid-up capital to ₹20,66,94,160, consisting of 20,66,94,160 equity shares with a face value of ₹1.00 each. The new equity shares rank pari-passu with existing equity shares, providing equal rights and privileges to the holder.

Regulatory Compliance and Documentation

The warrant conversion was executed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with comprehensive disclosure requirements fulfilled. The conversion was conducted in accordance with SEBI (ICDR) Regulations, 2018, and follows the SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company has communicated the outcome to BSE Limited with scrip code 531035 and ISIN INE432F01032. Company Secretary Vasudha Aggarwal has digitally signed all regulatory documentation for this transaction.