Eraaya Lifespaces Limited announced a major restructuring following its acquisition of Ebix, Inc. The company unveiled today several key changes to its leadership and operations.
The shares of Eraaya Lifespaces Limited were trading at ₹2635.65 up by ₹125.50 or 5 per cent on the BSE today at 11.25 am.
The most significant development is the suspension of Robin Raina from all key functional positions pending an investigation into alleged financial irregularities. Eraaya’s board has initiated a comprehensive inquiry under a High-Powered Steering Committee.
As part of the restructuring, Eraaya has appointed new directors, including Dr. Thomas Mathew and Himanshu Mody as Non-Executive Independent Directors, and Karan Bagga as a Non-Promoter, Non-Independent Director. Bagga will also serve as the officiating CEO of Ebix Inc.
The company has formed an Advisory Board comprising industry experts and former government officials to provide strategic guidance. Additionally, Eraaya has nominated directors for Ebix Inc. and its global subsidiaries to ensure continuity and alignment of objectives.
Other measures include the introduction of employee incentive programs, appointment of new internal auditors, and engagement of external experts to enhance integration efficiency.
Eraaya Lifespaces reaffirmed its commitment to maintaining business continuity, particularly highlighting the strong position of Ebix Travels in Southeast Asia and its plans for global expansion.
The restructuring aims to enhance operational efficiency, reinforce governance, and position the company for long-term growth following the Ebix acquisition.