Key Legal Development

The Commercial Court at Dwarka, New Delhi, by order dated June 1, 2026, has returned the plaint filed by Bull Value Incorporated VCC Sub-Fund and related parties in Civil Suit No. CS 628/2025 titled Bull Value Incorporated VCC Sub-Fund vs. Walker Chandiok & Co. LLP & Others.

Consequent to the return of the plaint, the status quo directions operating in the matter have been vacated.

Critical Court Observation

The Court expressly recorded that despite being afforded two opportunities, the plaintiff failed to file the FCCB title documents on the basis of which it claimed to be a bondholder under the Ultimate Holding Company FCCBs Issue. The specific observation from the Order states: "Also, it needs a highlight that despite two directions, plaintiff has not filed the title documents of the Bonds which the plaintiff claims to have been allotted by GLAS (the Trustee) on subscribing to the FCCB issued by defendant no. 2."

Company's Position and Impact Assessment

The Company states this development vindicates its consistent position that the proceedings were fundamentally misconceived and that serious allegations affecting a regulated financial services business should be supported by evidence.

The Company notes that the proceedings created uncertainty for shareholders, customers, business partners, employees, lenders and other stakeholders over the past several months, adversely affecting confidence and creating unnecessary disruption around the Company's legitimate business activities.

Current Business Operations

Notwithstanding these challenges, Delphi continues to operate normally and remains focused on:

  • Delivering high-quality financial services solutions
  • Strengthening governance and compliance frameworks
  • Expanding business opportunities and strategic initiatives
  • Protecting stakeholder interests
  • Creating sustainable long-term value

The Company's business operations continue in the ordinary course and management remains fully focused on execution, growth and value creation.

Company Background

Delphi World Money Ltd is an RBI-authorized Category II Authorized Dealer in foreign exchange and cross-border remittances. The company has emerged as the focal platform entrusted with spearheading Ebix Inc.'s entire global travel and hospitality businesses, spanning domestic and international airline ticketing, MICE solutions, luxury travel, curated holidays, forex, remittances, and technology-driven financial platforms.