Robin Raina issues clarification, says Eraaya Lifespaces misrepresented SC order

Robin Raina, former chairman and chief executive officer of Ebix, Inc., has issued a detailed clarification rebutting what he described as a “false and misleading narrative” being circulated by Eraaya Lifespaces Limited through repeated media statements.

In a statement released on Tuesday, Raina said Eraaya has been misrepresenting a Supreme Court order to suggest that the court ruled against him on the merits of his ownership and contractual claims. He asserted that no such findings were made by the apex court and described the interpretations being put out by Eraaya as “legally untenable and misleading”. 

The clarification relates to an order passed 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 has incorrectly claimed that the order brought “closure” to his ownership claims or that the court held the agreements relied upon by him to be forged. The clarification was first reported by Moneycontrol.

Raina has stated that the Supreme Court’s decision was limited strictly to the question of whether an immediate reference to arbitration was warranted at that stage. 

He further clarified that the Supreme Court did not examine the validity of any agreements, nor did it record findings of forgery, fraud or fabrication. Importantly, Raina said the court did not adjudicate upon his substantive rights, including his claim to a 50% shareholding 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 before courts in Delhi and Noida. Besides, multiple actions are underway in the United States involving allegations of fraud, forgery, extortion, theft, wrongful termination, defamation and violations under RICO statutes, with further proceedings being prepared.

Raina said his claim to a 50% shareholding in Eraaya is founded on binding agreements executed in August 2024 and will be adjudicated in accordance with the law. He maintained that the Supreme Court order expressly preserves all his rights and remedies.

The statement noted that Eraaya attempted to mislead investors and the public, pointing out that the company’s own press releases in June 2024 had announced Raina’s appointment as chairman and praised his leadership and value creation at Ebix. Raina said the current narrative sharply contradicts those earlier public statements.

“I categorically reject the false narrative being peddled by Eraaya through selective and misleading interpretations of court orders,” Raina said. “My legal rights remain fully intact, and I will pursue justice in India and internationally.”