Disclosure on Non-Jurisdictional Litigation Tactics and Misuse of Investor Data of the Company's Step-Down Listed Subsidiary.
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Eraaya Lifespaces has informed the stock exchanges that certain Foreign Portfolio Investors (FPIs), who are its bondholders and are also suing the company in a UK court, have been filing what the company calls 'false and fabricated' cases in Delhi civil courts. Eraaya argues these disputes should be heard by SEBI or the NCLT, not local civil courts. The company alleges the FPIs are rushing to get ex-parte interim orders and then circulating misleading communications to investors using improperly accessed contact details, particularly targeting a step-down listed subsidiary. The company claims its operations remain stable and unaffected, and is asking shareholders to ignore unofficial communications. Eraaya says it is escalating the misuse of investor data to the relevant authorities.
This is a defensive disclosure meant to protect the company's reputation against what it describes as coordinated efforts by bondholders to pressure it through courts and investor communications. Short-term stock price may see volatility due to negative publicity from the disputed communications, but no financial penalty, regulatory action, or adverse court ruling against the company has been confirmed. Shareholders should monitor for any further official updates and not act on unofficial investor communications being circulated.