Delaware top court upheld the ruling of a lower court which said Yatra had forfeited its right to sue Ebix for damages after voluntarily terminating the merger deal.
The Court of Chancery in its latest order said that Yatra's claims of damages from Ebix were not substantially justified.
“Our liquidity combined with our current fixed cost base of $1.2 million gives us enough of a cushion for the near term,” he told Moneycontrol, brushing aside concerns about the financial health of the firm post the failed deal with Ebix.
The Ebix response followed Yatra Online’s announcement on June 6 that it had terminated a pending merger agreement with Ebix and opted for litigation seeking ‘substantial damages’ over alleged breach of deal terms
Ebix had on July 17 last year announced that it has entered into a definitive agreement under which Ebix will acquire Yatra Online through a merger deal.
Some key core employees of Cox and Kings will also be transferred to the EbixCash payroll as part of the agreement.
"We also want to enter the visa market and provide visa services, like VSF does," he told Moneycontrol.
"We are excited by the cross-selling opportunities that this combination provides us," said Robin Raina, Ebix chief.
In March, Yatra had said that it was reviewing Ebix's proposal to acquire all outstanding shares of the company.
The Ebix chairman and CEO has caused a stir by announcing a proposal to acquire Nasdaq-listed Yatra.com for $336 million. The 51-year-old business tycoon is also a philanthropist, socialite and fitness enthusiast.
The company will pay for Yatra Online at its discretion either in cash or by issuing freely tradeable Ebix stock, the statement said.
Weizmann Forex is the second largest inward remittance provider besides being one of the four largest Foreign exchange & outward remittance providers in India.
India tops the list of nations in terms of remittances received. In 2017, the country received more than $60 billion in remittances
This will be the Noida-headquartered company's fourth remittances-related acquisition in the last five months and will increase its share in the inward international remittance market to up to 80 per cent, it said in a statement.
Ebix is a leading international supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries.
The deal was one of the largest transactions in financial technologies and payments space in India, this year.
The company began planning for a long term partner when early ItzCash investors such as Intel Capital, Lightspeed and Matrix Partners India began looking for an exit.
The deal is likely to give an exit to ItzCash's existing investors which include Lightspeed and Matrix Partners India