Eraaya Lifespaces Limited has announced key decisions following a board meeting on July 21, 2025. The company plans to explore an amicable resolution for its Foreign Currency Convertible Bonds (FCCB) issuance, including potential renegotiation, cancellation, or full repayment. A new Business Strategy Group will be formed to review the company's strategic direction. Eraaya also plans to expand into emerging business sectors and appoint an Investor Relations Agency. The company faces challenges with partial fund receipt from FCCBs, ongoing litigation, and conflicts of interest. Financial results for the year ended March 31, 2025, are delayed due to complex consolidation processes. The Advisory Board has endorsed the company's approach to resolving FCCB issues.
22Jul 25
Eraaya Lifespaces Initiates FCCB Exit Process Amid Legal and Ethical Concerns
Eraaya Lifespaces Limited's Board has unanimously decided to exit its Foreign Currency Convertible Bonds (FCCB) arrangement due to legal issues and misrepresentations. The company cites legal impossibility, conflict of interest involving Elara Capital, ongoing litigation, and a coordinated campaign against the company as key factors. The resolution process may include renegotiating terms, cancelling the FCCB issuance, and repaying bona fide bondholders. The company's Advisory Board, including former ED Chief Karnal Singh and former SEBI Chairman G.N. Bajpai, has endorsed this action, emphasizing integrity and responsible governance.
17Mar 25
Eraaya Lifespaces Takes Legal Action Against Elara Capital PLC for $40 Million FCCB Proceeds
Eraaya Lifespaces Limited has filed a lawsuit against Elara Capital PLC in the UK High Court over $40 million in unreleased proceeds from a $120 million Foreign Currency Convertible Bond (FCCB) issuance. The real estate company claims Elara Capital is wrongfully withholding the funds. Eraaya seeks the release of the $40 million and additional damages. The legal action follows the FCCB issuance in August 2024, which was approved by shareholders in July 2024.
17Mar 25
Eraaya Lifespaces Takes Legal Action Against Elara Capital Over FCCB Proceeds
Eraaya Lifespaces, a prominent real estate company, has launched legal proceedings against Elara Capital PLC concerning $40 million raised through Foreign Currency Convertible Bonds (FCCBs). The dispute could significantly impact Eraaya's financial position, corporate governance perception, and future fundraising capabilities. This legal battle may influence market sentiment towards the company in the short to medium term.