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New owners of Ebix suspend chairman Robin Raina; kick off investigation into financial irregularities

 September 27, 2024  Leave a Comment on New owners of Ebix suspend chairman Robin Raina; kick off investigation into financial irregularities
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Robin Raina, who was the chairman of Ebix Inc. and all its global subsidiaries, has been suspended from the position by the new board of directors constituted by Eraaya Lifespaces, which acquired Ebix in August this year.

Eraaya Lifespaces, which acquired Ebix for $151 million through a successful bidding process in August this year, informed the stock exchanges of this move today.

Additionally, the board has initiated an investigation into the alleged financial irregularities committed by Raina in his capacity as the top executive in Ebix and all its global subsidiaries.

Eraaya has also asked Raina and a few of his top executives to refrain from contacting, writing to or intimidating any of the employees of Ebix.

Meanwhile, Karan Bagga has been appointed as the chief executive officer of Ebix.

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In a bid to strengthen the management of the newly acquired company, Eraaya has appointed Thomas Matthew and Himanshu Mody as two new non-executive independent directors to the company’s board. It has also appointed an advisory board comprising distinguished professionals from government services, academia and business professionals to ensure better running of the company.

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Ebix had filed for bankruptcy in the United States of America in 2023 and exited the process after Eraaya Lifespaces acquired the company this year. Eraaya Lifespaces is in the hospitality business and reported a profit of Rs 95 lakh in the first quarter of 2025 with net sales of Rs 2 crore.



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