Promoters sold 13.68% stake: Shares of Delphi World Money Ltd are in focus today after….

The Commercial Court in Dwarka has imposed a sweeping status quo order on Delphi World Money Limited (Delphi), effectively freezing its corporate actions following the revelation of serious governance irregularities and alleged covenant breaches in court filings. Issued on 27 November 2025, the order is a major judicial intervention that immediately halts Delphi's Rs 99.76 crore rights issue, prevents any movement of related funds, and blocks all structural changes associated with the complex Eraaya–Delphi–Ebix Travels arrangement. This legal freeze signals profound judicial concern over the alleged unlawful consolidation and timing, valuation, and rationale of the capital actions at the centre of the dispute.

The controversy centres on several troubling corporate actions linked to Delphi. Key concerns include the disputed acquisition of Ebix Travels, which is alleged to violate Clause 4.3 of the FCCB Offering Circular by restricting the transfer of shareholding and management control from Eraaya to Delphi. Furthermore, the Rs 99.76 crore rights issue is highly scrutinised due to its connection to an allegedly unlawful corporate restructuring, raising alarms about the possible misuse of proceeds and structural irregularities. The allegations paint Delphi as central to an ecosystem plagued by covenant breaches, failed pledges, and a history of repeated, unsuccessful legal manoeuvres by the related group entity, Eraaya, to avoid scrutiny.

Adding significant weight to the Indian court proceedings are findings from a judgment of the Commercial Court in London ([2025] EWHC 1506 (Comm)). The UK High Court recorded serious issues within the Eraaya/Ebix financing structure, including the finding that only USD 80 million of the USD 120 million financing reached the issuer, along with evidence of misuse of proceeds, failure to perfect pledged shares, and coupon defaults. These international findings intensify the pressure on Delphi and the related entities, confirming the serious nature of the governance issues. Until the matter returns to the Dwarka Court on 1 December 2025 for further arguments, Delphi remains under a complete operational freeze on all challenged transactions.

About the Company

 Headquartered in Mumbai, Delphi World Money Ltd, a prominent foreign exchange specialist, seamlessly navigates the financial needs of corporate and retail clients, offering integrated solutions for foreign exchange transactions, remittances in both directions, prepaid cards, gift cards, and even travel insurance.

The company has a market cap of over Rs 400 crore. As of November 2025, the promoters of the company sold 13.68 per cent stake in the company and decreased it to 61.32 per cent in November 2025 compared to September 2025. The stock is up by 148 per cent from its 52-week low of Rs 100.55 per share.

Disclaimer: The article is for informational purposes only and not investment advice.