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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
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, 2007
(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
472,119
SHARES BENEFICIALLY -----------------------------------
6. SHARED VOTING POWER
OWNED BY
1,323,703
EACH -----------------------------------
7. SOLE DISPOSITIVE POWER
REPORTING
472,119
PERSON -----------------------------------
8. SHARED DISPOSITIVE POWER
WITH
1,323,703
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,795,822
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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)
6.25%
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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
1,239,703
EACH -----------------------------------
7. SOLE DISPOSITIVE POWER
REPORTING
-0-
PERSON -----------------------------------
8. SHARED DISPOSITIVE POWER
WITH
1,239,703
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,239,703
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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)
4.3%
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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
1,155,703
SHARES BENEFICIALLY -----------------------------------
6. SHARED VOTING POWER
OWNED BY
-0-
EACH -----------------------------------
7. SOLE DISPOSITIVE POWER
REPORTING
1,155,703
PERSON -----------------------------------
8. SHARED DISPOSITIVE POWER
WITH
-0-
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,155,703
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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)
4.0%
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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 Talwar 1994 Trust (the "Talwar 1994 Trust") and
together with Mr. Talwar and Mrs. Talwar, the
"Reporting Persons").
The Reporting Persons are making this single, joint
filing because they may be deemed to constitute a
"group" within the meaning of Section 13(d)(3) of the
Act, although neither the fact of this filing nor
anything contained herein shall be deemed to be an
admission by the Reporting Persons that such a group
exists.
Item 2 (b). Address of Principal Business Office or, if none, Residence of
each 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 Talwar 1994 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 43,500 shares of Common Stock.
In addition, Mr. Talwar is the sole trustee of the
Vikram Talwar 2004 Grantor Retained Annuity Trust (the
"Vikram Talwar 2004 GRAT"), which directly owns 228,619
share of Common Stock and Mr. Talwar is also the sole
trustee of the Vikram Talwar 2007 Grantor Retained
Annuity Trust (the "Vikram Talwar 2007 GRAT"), which
directly owns 200,000 share of Common Stock.
As such, Mr. Talwar has sole dispositive and voting
power over the 472,119 shares of Common Stock held by
him directly and held by the Vikram Talwar 2004 GRAT
and the Vikram Talwar 2007 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 1,155,703 shares of Common Stock
directly owned by the Talwar 1994 Trust. Mr. Talwar and
Mrs. Talwar are co-trustees of the Talwar 1994 Trust
and share dispositive and voting power over the
1,155,703 shares of Common Stock owned by the Talwar
1994 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.
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CUSIP No. 302081 10 4 SCHEDULE 13G Page 7
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Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact
that as of the date hereof a reporting person has
ceased to be the beneficial owner of more than five
percent of the class of securities, check the following
[X]:
Each of Mrs. Talwar and the Talwar 1994 Trust has
ceased to be the beneficial owner of more than five
percent of the Common Stock.
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 14, 2008
/s/ Vikram Talwar
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Vikram Talwar
/s/ Urvashi Talwar
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Urvashi Talwar
THE TALWAR 1994 TRUST
By: /s/ Vikram Talwar
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Vikram Talwar, Trustee
By: /s/ Urvashi Talwar
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Urvashi Talwar, Trustee