Robin Raina denies Eraaya Lifespaces’ claims, says legal fight on for rightful 50% shareholding

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

In a press note released on Tuesday, Raina said Eraaya has been misrepresenting a Supreme Court order to suggest that the court has ruled against him on the merits of his ownership and contractual claims. He said no such finding exists and that the claims being made by Eraaya are “legally untenable”.

The clarification follows statements by Eraaya regarding an order passed by the Supreme Court on August 25, 2024, in relation to Raina’s application under Section 11 of the Arbitration and Conciliation Act. According to Raina, Eraaya has falsely claimed that the order brought “closure” to his ownership claims or that the court held agreements relied upon by him to be forged.

Raina said the Supreme Court order was limited only to the issue of whether an immediate reference to arbitration was warranted at that stage. He pointed out that the court had expressly stated that it had not examined the merits of the dispute and that all issues between the parties were kept open.

He added that the Supreme Court did not examine the validity of any agreement, did not record any finding of forgery, fraud or fabrication, and did not adjudicate upon his substantive rights, including his claim to a 50 percent shareholding in Eraaya and, by extension, Ebix.

According to the statement, multiple legal proceedings initiated by Raina against Eraaya Lifespaces, Vikas Garg and entities controlled by him are currently pending before courts in Delhi and Noida. The press note also said several actions are underway in the United States, involving allegations of fraud, forgery, extortion, theft, wrongful termination, defamation and violations under RICO statutes, with additional proceedings being prepared.

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

The statement also accused Eraaya of attempting to mislead investors and the public, noting that the company’s own press releases in June 2024 had announced Raina’s appointment as chairman and praised his leadership, including the value creation achieved at Ebix. Raina said the current narrative contradicts those earlier public statements.

Commenting on the issue, Raina said, “I categorically reject the false narrative being peddled by Eraaya through selective and misleading interpretations of court orders. The Hon’ble Supreme Court has not examined the merits of my claims, nor has it closed any issue. My legal rights remain fully intact, and I will pursue justice in India and internationally.”

Raina is represented in India by S & K Chambers and in the United States by Stanton Law in connection with the ongoing and proposed proceedings.

The press note said the clarification was issued in the interest of transparency and that Raina reserves the right to initiate legal action against what he described as defamatory and misleading publications.