Robin Raina, former Chairman and CEO of Ebix, Inc., has issued a detailed clarification refuting what he described as a “false and misleading narrative” spread by Eraaya Lifespaces Limited through repeated media statements.
In a statement on Tuesday, Raina said Eraaya had distorted a Supreme Court order to suggest the court had ruled against him on the merits of his property and contract claims. He claimed that no such conclusion had been reached by the apex court and called the interpretations put forward by Eraaya “legally untenable and misleading”.
The clarification relates to an order issued by the Supreme Court on August 25, 2024, in connection with Raina’s application under Section 11 of the Arbitration and Conciliation Act. According to Raina, Eraaya falsely claimed that the order had “terminated” his property claims or that the court had deemed the agreements he relied on to be false. The clarification was first reported by Moneycontrol.
Raina said the Supreme Court’s decision was strictly limited to the question of whether an immediate referral to arbitration was warranted at this stage.
He further clarified that the Supreme Court did not examine the validity of any agreement nor did it record any findings of forgery, fraud or fabrication. Importantly, Raina said the court did not rule on his substantive rights, including his claim to a 50% stake in Eraaya Lifespaces and, by extension, Ebix.
The note added that Raina has initiated several legal proceedings against Eraaya Lifespaces, Vikas Garg and entities controlled by him. The cases are currently pending in Delhi and Noida courts. Additionally, multiple actions are pending in the United States regarding allegations of fraud, forgery, extortion, theft, wrongful termination, defamation and violations of the RICO statutes, and other proceedings are in preparation.
Raina said its claim for a 50% stake in Eraaya is based on binding agreements signed in August 2024 and will be judged in accordance with the law. He argued that the Supreme Court’s order expressly preserves all his rights and remedies.
The statement highlights that Eraaya attempted to mislead investors and the public, pointing out that the company’s own press releases in June 2024 announced Raina’s appointment as chairman and praised his leadership and value creation at Ebix. Raina said the current narrative strongly contradicts previous public statements.
“I categorically reject the false narrative peddled by Eraaya through selective and misleading interpretations of court orders,” Raina said. “My legal rights remain fully intact and I will seek justice in India and internationally.”
