Eraaya Lifespaces Ltd. (BSE: 531035) has announced comprehensive strategic restructuring initiative following the successful acquisition of Ebix, Inc. and its global subsidiaries. In a decisive move to enhance operational efficiency, reinforce governance, and unlock the full potential of the newly acquired business, the Company has implemented a series of transformative measures.
In alignment with Eraaya’s ambitious objectives, the Board conducted a meticulous review of its Directors, Key Managerial Personnel (KMPs), and core team, and accordingly, Dr. Thomas Mathew (an Ex-IAS Officer, retired as Additional Secretary, Govt. of India, has a long association with the Iconic Business Tycoon Sh. Ratan Naval Tata, authored his biography and other bestsellers) and Mr. Himanshu Mody (the current CFO with Suzlon Energy Limited, recipient of prestigious “The Turnaround CFO of the Year 2024” Award) have been appointed as Non-Executive Independent Directors, with Mr. Karan Bagga (an Ex-Banker with a 25+ years of experience at strategic positions at India’s leading private Banks including Axis Bank, Yes Bank) serving as a Non-Promoter, Non-Independent Director. These strategic appointments are vital to equipping the Company with the expertise necessary for sustained growth and long-term success.
Acknowledging the importance of expert counsel, Eraaya has constituted a distinguished Advisory Board composed of renowned industry leaders, seasoned professionals and experts. Notable members include Mr. Karnal Singh, (an Ex-IPS Officer and the former Director of the Enforcement Directorate); Mr. G. N. Bajpai, (a former Chairman of SEBI), Mr. Ashok Kumar Mehta, (a former IRS Officer and former PS to the then President of India, an well-known expert in government-industry collaboration); Dr. Girish Ahuja, (a SRCC & FMS alumnus, FCA, and distinguished author, an authority taxation matters); and their collective expertise will ensure informed decision-making on strategies and operations.
The Board has granted in-principal approval to initiate Employee Stock Ownership Plans (ESOPs), Sweat Equity programs, and Share Appreciation Rights schemes to incentivize and reward the key personnel across the group, aligning their contributions with the Company’s long-term vision of inclusive growth and shared success.
All these decisions have been unanimously approved by the Eraaya Board and endorsed by its members in their 58th Annual General Meeting.
Eraaya Lifespaces, alongside the key team at Ebix Inc., is dedicated to upholding the highest standards of integrity and governance during this transformative phase. By asserting its control, Eraaya reaffirms its commitment to continuity and the seamless integration of operations for long-term growth.