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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
EXLSERVICE HOLDINGS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.001 PER SHARE
(Title of Class of Securities)
302081 10 4
(CUSIP Number)
DECEMBER 31, 2006
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[_] Rule 13d-1(c)
[X] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a person's
initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 2
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1. NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vikram Talwar
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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5. SOLE VOTING POWER
NUMBER OF
563,568
SHARES BENEFICIALLY -----------------------------------
6. SHARED VOTING POWER
OWNED BY
1,567,254
EACH -----------------------------------
7. SOLE DISPOSITIVE POWER
REPORTING
563,568
PERSON -----------------------------------
8. SHARED DISPOSITIVE POWER
WITH
1,567,254
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,130,822
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[_]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.6%
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12. TYPE OF REPORTING PERSON
IN
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 3
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1. NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Urvashi Talwar
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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5. SOLE VOTING POWER
NUMBER OF
-0-
SHARES BENEFICIALLY -----------------------------------
6. SHARED VOTING POWER
OWNED BY
1,483,254
EACH -----------------------------------
7. SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON -----------------------------------
8. SHARED DISPOSITIVE POWER
WITH
1,483,254
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,483,254
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[_]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.3%
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12. TYPE OF REPORTING PERSON
IN
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 4
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1. NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Talwar 1994 Trust
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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5. SOLE VOTING POWER
NUMBER OF
1,399,254
SHARES BENEFICIALLY -----------------------------------
6. SHARED VOTING POWER
OWNED BY
-0-
EACH -----------------------------------
7. SOLE DISPOSITIVE POWER
REPORTING
1,399,254
PERSON -----------------------------------
8. SHARED DISPOSITIVE POWER
WITH
-0-
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,399,254
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[_]
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.0%
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12. TYPE OF REPORTING PERSON
OO
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 5
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This Schedule 13G is filed by the undersigned with respect to the
shares of Common Stock, par value $0.001 per share (the "Common Stock"), of
ExlService Holdings, Inc. (the "Company").
Item 1 (a). Name of Issuer:
ExlService Holdings, Inc.
Item 1 (b). Address of Issuer's Principal Executive Offices:
350 Park Avenue
New York, New York 10022
Item 2 (a). Name of Person Filing:
(i) Vikram Talwar ("Mr. Talwar");
(ii) Urvashi Talwar ("Mrs. Talwar");
(iii) The 1994 Talwar Trust (the "1994 Talwar Trust") and
together with Mr. Talwar and Mrs. Talwar, the
"Reporting Persons").
Item 2 (b). Address of Principal Business Office or, if none, Residence of
the Reporting Person:
c/o ExlService Holdings, Inc.
350 Park Avenue
New York, New York 10022
Item 2 (c). Citizenship:
Mr. Talwar - United States of America
Mrs. Talwar - United States of America
The 1994 Talwar Trust - California
Item 2 (d). Title of Class of Securities:
Common Stock, par value $0.001 per share
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 6
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Item 2 (e). CUSIP Number:
302081 10 4
Item 3. This Schedule 13G Statement is not being filed pursuant to Rule
13d-1(b) or Rule 13d-2(b) or (c).
Item 4. Ownership
Mr. Talwar directly owns 224,750 shares of Common Stock. In addition,
Mr. Talwar is the sole trustee of the Vikram Talwar 2004 Grantor
Retained Annuity Trust (the "Vikram Talwar GRAT"), which directly owns
338,818 share of Common Stock. As such, Mr. Talwar has sole
dispositive and voting power over the 563,568 shares of Common Stock
held by him directly and held by the Vikram Talwar GRAT.
Mrs. Talwar does not directly own, or have sole dispositive or voting
power over, any shares of Common Stock.
Mr. Talwar and Mrs. Talwar may be deemed to beneficially own the
1,399,254 shares of Common Stock directly owned by the 1994 Talwar
Trust. Mr. Talwar and Mrs. Talwar are co-trustees of the 1994 Talwar
Trust and share dispositive and voting power over the 1,399,254 shares
of Common Stock owned by the 1994 Talwar Trust.
Mr. Talwar and Mrs. Talwar may be deemed to beneficially own 84,000
shares of Common Stock directly owned by the Vikram Talwar 2004
Spousal Lifetime Access Trust (the "Vikram Talwar SLAT"). Mrs. Talwar
is a co-trustee of the Vikram Talwar SLAT and shares dispositive and
voting power over the 84,000 shares of Common Stock owned by the
Vikram Talwar SLAT.
Mr. Talwar and Mrs. Talwar may be deemed to beneficially own 84,000
shares of Common Stock directly owned by the Urvashi Talwar 2004
Spousal Lifetime Access Trust (the "Urvashi Talwar SLAT"). Mr. Talwar
is a co-trustee of the Urvashi Talwar SLAT and shares dispositive and
voting power over the 84,000 shares of Common Stock owned by the
Urvashi Talwar SLAT.
Item 5. Ownership of Five Percent or Less of a Class
Not Applicable
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 7
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Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company or Control
Person
Not Applicable
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certifications
Not Applicable
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 8
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: February 6, 2007
/s/ Vikram Talwar
-----------------------------
Vikram Talwar
/s/ Urvashi Talwar
-----------------------------
Urvashi Talwar
THE 1994 TALWAR TRUST
By: /s/ Vikram Talwar
------------------------
Vikram Talwar, Trustee
By: /s/ Urvashi Talwar
------------------------
Urvashi Talwar, Trustee
EXHIBIT 99.1
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JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned agree to the joint filing on behalf of each
of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock, par value $0.001 per share, of ExlService
Holdings, Inc.
The undersigned further agree that each party hereto is responsible
for the timely filing of such Schedule 13G and any amendments thereto, and for
the completeness and accuracy of the information concerning such party
contained therein; provided, however, that no party is responsible for the
completeness or accuracy of the information concerning any other party making
the filing, unless such party knows or has reason to believe that such
information is inaccurate.
IN WITNESS WHEREOF, the parties have executed this Joint Filing
Agreement on February 6, 2007.
/s/ Vikram Talwar
-----------------------------
Vikram Talwar
/s/ Urvashi Talwar
-----------------------------
Urvashi Talwar
THE 1994 TALWAR TRUST
By: /s/ Vikram Talwar
------------------------
Vikram Talwar, Trustee
By: /s/ Urvashi Talwar
------------------------
Urvashi Talwar, Trustee