Robin Raina rejects Eraaya’s claims, says Supreme Court order misrepresented

Robin Raina, former chairman and CEO of Ebix, Inc., has issued a clarification rejecting what he described as a “false and misleading narrative” being propagated 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 dated August 25, 2024, to suggest that the court had ruled against him on the merits of his ownership and contractual claims. He said no such finding exists and termed Eraaya’s assertions “legally untenable”.

The clarification follows public statements made by Eraaya in relation to the Supreme Court’s order on 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 had held the agreements relied upon by him to be forged.

The statement read: "Mr Raina’s claim to a 50% shareholding in Eraaya arises from binding agreements executed in August 2024 and will be fully adjudicated in accordance with law. The Hon’ble Supreme Court’s order expressly preserves all such rights and remedies. Eraaya’s repeated attempts to portray procedural orders as substantive victories reflect nothing more than desperation to distract from the merits of the disputes that remain very much alive."

Raina said the Supreme Court’s order was limited to the question 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 further said the 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 per cent shareholding in Eraaya Lifespaces and, by extension, Ebix.