Secretarial Audit Report pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, issued ....
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Eraaya Lifespaces Ltd submitted its Secretarial Audit Report for FY 2024-25, confirming general compliance with the Companies Act, SEBI LODR, and other applicable laws, with two minor exceptions. The audit flagged a 1-minute delay in filing board meeting outcome on October 19, 2024, and a 10-minute delay on October 23, 2024, plus the withholding of two independent directors' resignation letters pending court directions. Key corporate actions during the year included the acquisition of Ebix Inc., a Qualified Institutions Placement of 32,61,200 shares at ₹762 each on August 13, 2024, and the issue of USD-denominated 9.50% Foreign Currency Convertible Bonds due 2031. The company also executed a 1:10 stock split (face value ₹10 to ₹1, effective December 6, 2024), shifted its registered office within Delhi in February 2025, and raised funds via warrants and preferential issues.
Overall a routine compliance filing with no major red flags, but investors should note the ongoing legal dispute over USD 40 million in FCCB proceeds wrongfully withheld by Elara Capital and certain intermediaries, which is being pursued at the High Court of England and Wales.