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:

1. Operational Stability: The company asserts that its operations remain fully stable and uninterrupted despite the ongoing disputes.
2. Investor Advisory: Shareholders and market participants are urged to rely exclusively on official disclosures issued by Eraaya Lifespaces and its subsidiaries.
3. Regulatory Action: The company is escalating these matters to appropriate authorities, demonstrating its commitment to resolving the situation through proper channels.
4. 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.

Eraaya Lifespaces subsidiary, EbixCash World Money Limited, has announced a strategic partnership with Banking Circle to enhance cross-border payment services for Indian students and travelers. This collaboration aims to simplify international money transfers across major global corridors, including the UK, EU, US, Canada, Australia, Singapore, and the GCC.

Streamlining International Transactions

The partnership leverages Banking Circle's robust local clearing infrastructure, enabling EbixCash World Money to facilitate direct settlements through local rails in key global markets. This move is expected to address the growing demand for seamless and efficient global transactions in India.

Key Benefits of the Partnership

• Faster Transactions: The collaboration promises quicker international money transfers, reducing delays often associated with cross-border payments.

• Cost-Effectiveness: By eliminating intermediary charges and optimizing the payment process, the partnership aims to offer more cost-effective solutions for users.

• Enhanced Compliance: The service ensures full compliance with regulatory requirements, providing a secure environment for international transactions.

• Real-Time Tracking: Users can expect improved transparency with real-time tracking of their international payments.

Impact on Indian Students and Travelers

This partnership is particularly significant for Indian students studying abroad and international travelers. It addresses critical challenges in international remittance, including:

• Elimination of delayed settlements
• Reduction of unpredictable intermediary charges
• Simplification of complex regulatory hurdles

Leadership Perspectives

T. C. Guruprasad, MD & CEO - Payment Solutions, Ebix Group, stated, "By combining EbixCash World Money's AD-II expertise with Banking Circle's direct and local clearing, we are giving Indian students, travelers and businesses the speed, transparency and control they expect from a modern cross-border payments platform."

Mishal Ruparel, Chief Commercial Officer at Banking Circle, added, "We are creating a future-ready platform that will address current market gaps and redefine how India connects with the global economy."

Future Implications

This development is expected to reinforce EbixCash's position in India's foreign exchange and cross-border remittance industry. The company aims to build a comprehensive financial infrastructure tailored to local market needs, potentially extending these services to SMEs and corporate flows, subject to regulatory approval.

About the Companies

EbixCash World Money Limited operates under the Ebix Group and is a leading provider of foreign exchange and outward remittance services in India.

Banking Circle S.A. is a fully licensed bank headquartered in Luxembourg, specializing in providing payment companies and banks with solutions for cross-border payments and banking needs.

This partnership marks a significant step in modernizing international payment systems for Indian consumers, potentially reshaping the landscape of cross-border financial transactions in the country.