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

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.