Eraaya Lifespaces Shareholders Reject Six Special Resolutions at Extraordinary General Meeting

Eraaya Lifespaces Limited (formerly Justride Enterprises Limited) conducted an Extraordinary General Meeting on December 9, 2025, through video conferencing, where shareholders decisively rejected six out of seven proposed resolutions. The company submitted the voting results to BSE on December 11, 2025, following scrutiny by appointed company secretaries.

Voting Results Overview

The EGM witnessed significant shareholder participation with 25,525 shareholders eligible to vote as of the December 2, 2025 cut-off date. The total shareholding stood at 19,06,94,160 shares, with voting conducted through remote e-voting and during the meeting itself.

Resolution Type	Item	Description	Votes in Favor (%)	Status
Special	Item 1	Preferential Equity Share Issuance	72.44%	Not Approved
Special	Item 2	Board Borrowing Authorization	72.42%	Not Approved
Special	Item 3	Loan and Guarantee Provisions	72.42%	Not Approved
Special	Item 4	Investment Ceiling Limits	72.42%	Not Approved
Special	Item 5	Related Party Transaction Limits	72.42%	Not Approved
Special	Item 6	Loan to Equity Conversion	72.42%	Not Approved
Ordinary	Item 7	Intragroup Service Charges	72.44%	Approved

Special Resolutions Rejected

Despite receiving over 72% votes in favor, all six special resolutions failed to meet the requisite threshold for approval. The rejected proposals included critical corporate governance and financial restructuring measures:

Item 1: Issuance of equity shares on preferential basis for consideration other than cash (swap of shares)
Items 2-6: Various financial authorizations including borrowing powers, loan provisions, investment limits, and related party transactions

Each special resolution received 11,59,77,108 votes in favor through remote e-voting and an additional 31,280 votes during the meeting, while facing 4,41,76,871 dissenting votes.

Approved Resolution

The only successful resolution was Item 7, an ordinary resolution for "Approval for Recoupment of Intragroup Service Charges from Its Subsidiaries and Step-Down Subsidiaries." This resolution secured 72.44% votes in favor, meeting the required majority threshold for ordinary resolutions.

Voting Process and Compliance

The remote e-voting facility was provided by National Securities Depository Limited (NSDL) from December 6, 2025 (09:00 AM) to December 8, 2025 (05:00 PM). Shubhangi Agarwal Associates, practicing company secretaries, were appointed as scrutinizers by the board on November 14, 2025, to ensure fair and transparent voting processes.

The voting results were unblocked on December 9, 2025, after the conclusion of the voting period in the presence of two independent witnesses, ensuring compliance with regulatory requirements under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.

Corporate Information

Eraaya Lifespaces Limited, formerly known as Justride Enterprises Limited, is listed on BSE with scrip code 531035 and ISIN INE432F01032. The company's registered office is located at 54, Janpath, New Delhi, with Vasudha Aggarwal serving as Company Secretary and Compliance Officer.

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Eraaya Lifespaces Limited has issued an urgent disclosure to its stakeholders, alerting them to unauthorized communications and legal maneuvers by certain Foreign Portfolio Investors (FPIs). The company, which operates in the real estate sector, finds itself embroiled in a complex situation involving litigation and alleged misuse of investor data.

Key Developments

Legal Disputes: Eraaya Lifespaces is currently facing litigation from FPIs, who are bondholders of the company, in the UK Court.
Non-Jurisdictional Proceedings: These FPIs have initiated what Eraaya Lifespaces describes as "false, fabricated, and non-jurisdictional proceedings" in various civil courts in Delhi.
Data Privacy Concerns: The company alleges that investor contact details have been improperly accessed and used to circulate unauthorized communications.
Market Perception: Eraaya Lifespaces claims these actions are attempts to create unwarranted negative perceptions about the company and its subsidiaries.

Company's Response

Eraaya Lifespaces has taken a firm stance on these developments:

Operational Stability: The company asserts that its operations remain fully stable and uninterrupted despite the ongoing disputes.
Investor Advisory: Shareholders and market participants are urged to rely exclusively on official disclosures issued by Eraaya Lifespaces and its subsidiaries.
Regulatory Action: The company is escalating these matters to appropriate authorities, demonstrating its commitment to resolving the situation through proper channels.
Governance Commitment: Eraaya Lifespaces reaffirms its dedication to strong governance practices and the protection of stakeholder interests.

Implications for Investors

This situation highlights the importance of due diligence and reliance on official company communications. Investors should:

Exercise caution when receiving unsolicited communications about Eraaya Lifespaces.
Verify information through official channels such as stock exchange filings and company websites.
Be aware of the potential impact of legal disputes on company valuation and market perception.

Eraaya Lifespaces' proactive disclosure aligns with regulatory requirements and demonstrates transparency in addressing complex corporate challenges. As the situation unfolds, stakeholders should stay informed through official company announcements and regulatory filings.

The company's ability to navigate these legal and communication challenges may have significant implications for its reputation and investor relations.