The Delhi High Court has denied interim relief to Robin Raina, the former CEO of Ebix, Inc., who claims entitlement to 50% shareholding in Eraaya Lifespaces Ltd. Raina also sought reinstatement and possession of a company-owned farmhouse, arguing his long tenure of nearly 20 years leading the company.
Raina’s petition, filed recently, cites a consortium agreement dated August 16, 2024, which he alleges was breached by Eraaya and Vikas Lifecare Ltd. His suspension from Eraaya’s board on September 27, 2024, for alleged financial irregularities, is currently under internal investigation.
Through his legal representatives, Raina argued that he had guided Ebix for over two decades. When the company entered voluntary insolvency proceedings in the USA, he approached Eraaya and Vikas Lifecare to facilitate a buyout of Ebix as a consortium. He claimed that, without his knowledge, Eraaya convened board meetings and ultimately removed him with ulterior motives. Raina also emphasized his entitlement to an Ebix property in Greater Noida, asserting he had an agreement to sell it.
However, when the court appointed a local commissioner to inspect the property, it was found that Ebix retained possession. Raina faced allegations of presenting a forged document dated August 16, 2024, claiming he needed to invest only USD 25 million for a 50 percent stake in Eraaya, with 25 percent designated as sweat equity.
Further complicating his case, Raina claimed that funds from a US-based entity were intended for him, even though the entity had already secured a 2.42 percent equity stake in Ebix and did not support his claims.
Representing Eraaya and Vikas, senior advocate Dr. Abhishek Manu Singhvi and advocate Vijay Aggarwal, assisted by Ayush Jindal and Naman Joshi, refuted Raina’s assertions, labeling him a “disgruntled former employee.” They pointed out that Raina and a third party, Vitasta Software, failed to meet their obligations under a previous consortium agreement from May 24, 2024, which required raising USD 100 million for the Ebix acquisition.
Advocate Aggarwal further argued that Raina’s claims were nonsensical, as he was seeking equity worth ₹2,500 crores for arranging debt of ₹500 crores, indicating that the document he presented was likely forged. During the proceedings, counsels for Vitasta disavowed any connection to Raina, asserting that the agreement he presented was a forgery. The court noted the absurdity of Raina’s claims, highlighting the financial illogicality of granting him 50 percent equity based on a mere USD 25 million investment, which was never realized.
The hearing lasted over 1.5 hours, with other senior counsels, including Parag Tripathi, Sandeep Sethi, and Rudreshwar Singh, arguing against Raina’s case. Senior Advocates Rajiv Nayar, Sanjay Abbott, and Sidhant Kumar represented Vitasta, while Raina was defended by Senior Advocates Gopal Jain and Jayant Mehta. With no relief granted, Justice Jasmeet Singh adjourned the matter to November 20, 2024.
