Eraaya's New Board Suspends Robin Raina as Chairman of Ebix Amid Financial Investigation Raina, an industrial engineering graduate from Thapar University, has been with Ebix since 1997, serving as CEO since 1999 and Chairman since 2002, playing key leadership roles in the company.
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Robin Raina, the longtime chairman of Ebix Inc. and its global subsidiaries, has been suspended by the new board of directors formed by Eraaya Lifespaces, following its acquisition of Ebix in August 2024.
Eraaya, a New Delhi-based firm known for its Tobu brand of children's cycles, acquired Ebix for USD 151 million after a successful bidding process.
The company has now informed stock exchanges of the leadership change and initiated an investigation into alleged financial irregularities under Raina's tenure.
In addition to his suspension from Ebix, Raina has also been removed from his position as chairman and director of Eraaya Lifespaces, which recently expanded its operations into hospitality, digital marketing, and trading in securities.
Eraaya has further directed Raina and several senior executives to refrain from any communication with Ebix employees.
Karan Bagga has been appointed as CEO of Ebix, overseeing all global subsidiaries. The Eraaya board has also recommended Amit Dhuria as Treasurer, while Himanshu Mody and Thomas Mathew have been added to the board of directors.
Eraaya Lifespaces, promoted by Sukriti Garg and Seema Garg, holds a 36.18% stake in the company, with Vikas Garg serving as Vice Chairman and Executive Director.
Founded in Georgia, US, Ebix Inc. is a leading provider of on-demand software and e-commerce services, primarily serving the insurance, financial, and healthcare sectors. Its Indian subsidiary, EbixCash, operates in money remittance, foreign exchange, and travel services.
Notably, in April 2024, the US Securities and Exchange Commission (SEC) concluded its investigation into Ebix without recommending enforcement action against the company.
Raina, an industrial engineering graduate from Thapar University, has been with Ebix since 1997, serving as CEO since 1999 and Chairman since 2002, playing key leadership roles in the company.
