Ernst & Young withdraws petition against Ebix

Eraaya Lifespaces has informed exchanges that Ernst & Young (E&Y) has opted to retreat the petition against Ebix Singapore and the substance has been amicably resolved.

"Although a assertion was filed by E&Y, aft the Eraaya and Ebix teams engaged with E&Y and presented the existent facts astir the insolvency proceedings, E&Y opted to retreat their petition, and the substance has since been amicably resolved. There is presently nary pending litigation betwixt Eraaya, Ebix, oregon immoderate of the group's subsidiaries, and nary adverse fiscal consequences for immoderate of the parties progressive and related to this matter," the institution said successful a regulatory filing connected Tuesday.

The institution besides said that the disorder and complications arising from Robi Raina's actions led E&Y to initiate ineligible proceedings against Ebix Singapore astatine the Delhi High Court. 

Eraaya Lifespaces said that determination is presently nary pending litigation betwixt Eraaya, Ebix, oregon immoderate of the group's subsidiaries. 

Meanwhile, Eraaya Lifespaces has started a broad overhaul and amid this, the committee has suspended Robin Raina arsenic the president of Ebix. Raina has besides been suspended arsenic Chairman and Director of New Delhi-based Eraaya.

Eraaya Lifespaces precocious acquired Ebix Inc.

“The committee was informed regarding definite fiscal irregularities committed by Robin Raina pertaining to operations of Ebix, Inc and each its planetary subsidiaries, and arsenic a measurement of bully firm governance practice, the Eraaya committee unanimously decided to initiate probe of the alleged fiscal irregularities, entrusted the task to High Powered Steering Committee,” Eraaya Lifespaces said successful an speech filing.

The institution has besides constituted an Advisory Board composed of manufacture leaders, seasoned professionals and experts.