Outcome of the Postal Ballot and Disclosure of Voting Results under Regulation 44 (3) of the SEBI (LODR) Regulations 2015 along with the Scrutinizer Report.
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Eraaya Lifespaces Ltd (formerly Justride Enterprises) conducted a Postal Ballot with 11 resolutions, voting closed on March 30, 2025, and the scrutinizer report was filed on April 1, 2025. Only 2 of the 11 resolutions passed: the ordinary resolutions for appointing Mrs. Ila Gupta and Mr. Ashish Jaitly as Directors (both got 67.48% votes in favour). The remaining 9 special resolutions failed because they fell short of the 75% threshold required for special resolutions, despite securing 67–69% support. The failed resolutions include change of company name, alteration of objects clause, appointment of directors as Independent/Whole-time Director, authorisation to borrow money, loans and investments under Section 185/186, related party transaction limits, and conversion of loan into equity shares. The decisive factor was that public institutional shareholders (holding ~4.42 crore shares) voted 100% against every resolution, while promoters (6.65 crore shares) voted entirely in favour.
Most of the company's proposed corporate actions are now blocked — it cannot change its name, alter its objects clause, raise new borrowings, lend/invest beyond statutory limits, enter into related party transactions, or convert loans into equity until fresh shareholder approval is obtained. The appointments as Independent and Whole-time Director also failed, leaving governance gaps. Shareholders should expect another round of shareholder voting on these items, and the company may face operational and funding constraints in the interim.