Indian owner Eraaya suspends Robin Raina as Ebix Chairman & CEO

The Indian firm, promoted by Sukriti Garg and Seema Garg, said Karan Bagga has been assigned further responsibilities arsenic officiating CEO of Ebix, who volition negociate and power its full affairs and each the planetary subsidiaries. Further, the Eraaya committee recommended the assignment of Amit Dhuria arsenic Treasurer of Ebix and decided to designate Himanshu Mody and Thomas Mathew connected the committee of Ebix and its subsidiaries.

Eraaya Lifespaces, which completed the acquisition of Ebix for US $ 151.577 cardinal successful August this year, reported a gross of Rs 2 crore and a nett net of Rs 0.96 lakh for the June 2024 quarter. It made a gross of Rs 297.20 crore and a nett net of Rs 0.34 lakh successful FY2024, according to BSE data.

However, interestingly, stock terms of Eraaya, which has a look worth of Rs 10, closed 5 per cent higher astatine Rs 2510.15 connected the BSE connected Friday. It has a marketplace capitalisation of Rs 4,614 crore.

Eraaya was conventionally engaged successful the concern of the manufacturing of the cycles for kids with the marque sanction of Tobu cycles. The institution made an amendment successful the entity clause of the institution and started implicit with the concern of hospitality on with the concern of trading successful securities and integer selling successful the past year.

The Gargs ain 36.18 per cent involvement successful Eraaya Lifespaces. Vikas Garg is the Vice Chairman and ED of the company, according to the BSE.

Ebix, based successful Georgia, the US, is simply a starring planetary supplier of on-demand bundle and E-commerce services to the insurance, fiscal and healthcare industries. Ebix Inc’s Indian subsidiary, EbixCash, operates successful wealth remittance, overseas speech and question services.

On April 1, 2024, Ebix said Securities and Exchange Commission (SEC) has concluded its probe of Ebix and officially communicated that it does not mean to urge an enforcement enactment by the SEC against Ebix.

Raina has been a manager astatine Ebix since 2000 and Chairman of the committee astatine Ebix since May 2002. Raina joined Ebix successful October 1997, became its Executive Vice President and Chief Operating Officer successful December 1998 and President and CEO successful 1999. Raina who holds an concern engineering grade is an alumnus of Thapar University successful Punjab.

Eraaya besides said Raina and “certain identified unit person been refrained from contacting, penning and intimidating” immoderate of the officers and employees of Ebix Inc.

Following the stockholder statement executed among Eraaya, number shareholders and Ebix, Inc connected August 30, 2024, aft the completion of the Chapter 11 proceedings, Eraaya has exclusive rights to designate each 3 directors astatine Ebix, Inc. and its subsidiaries, the speech filing said.