TBM Staff - Mumbai Eraaya Lifespaces Limited has announced a comprehensive strategic restructuring initiative following the successful acquisition of Ebix, Inc. and its global subsidiaries.
In a decisive move to enhance operational efficiency, reinforce governance, and unlock the full potential of the newly-acquired business, the company has implemented a series of transformative measures.
In alignment with Eraaya’s ambitious objectives, the Board conducted a meticulous review of its Directors, Key Managerial Personnel (KMPs), and core team, and accordingly, Dr. Thomas Mathew and Himanshu Mody have been appointed as Non-Executive Independent Directors, with Karan Bagga serving as a Non-Promoter, Non-Independent Director.
These strategic appointments are vital to equipping the company with the expertise necessary for sustained growth and long-term success.
Acknowledging the importance of expert counsel, Eraaya has constituted a distinguished Advisory Board composed of renowned industry leaders, seasoned professionals and experts. Notable members include Karnal Singh, G. N. Bajpai, Ashok Kumar Mehta, Dr. Girish Ahuja, and their collective expertise will ensure informed decision-making on strategies and operations.
The Board has granted in-principal approval to initiate Employee Stock Ownership Plans (ESOPs), Sweat Equity programmes, and Share Appreciation Rights schemes to incentivize and reward the key personnel across the group, aligning their contributions with the Company’s long-term vision of inclusive growth and shared success.
Eraaya has acted swiftly in response to troubling reports of financial irregularities involving Robin Raina, which pose a serious risk to the interests of all stakeholders. Accordingly, the Eraaya Board has unanimously resolved to initiate a comprehensive investigation under the supervision of a High-Powered Steering Committee, while suspending Raina from all key functional positions pending the investigation’s outcome.
Ebix Inc. and all its subsidiaries will continue to grow as usual under the leadership of Karan Bagga, designated as the officiating CEO of Ebix Inc.
All these decisions have been unanimously approved by the Eraaya Board and endorsed by its members in their 58th Annual General Meeting.
With regards to an outlook on the travel vertical, Naveen Kundu, Managing Director, Ebix Travel, said, “We’re proud to operate under Eraaya Lifespaces’ governance and strategic guidance. This acquisition ensures stability, transparency, and professional management, reaffirming our commitment to our clients and suppliers worldwide.”
Karan Bagga, officiating CEO, Ebix Inc.: “With the travel market rapidly expanding, Eraaya will invest substantial resources to leverage this growth, empowering Ebix Travels to remain competitive globally. Our extensive presence will facilitate the launch of Ebix Travel in the USA, UK, Australia, Latin America, Malaysia, and New Zealand.”
As part of our strategic restructuring, Eraaya Lifespaces is launching initiatives to optimize operations and enhance governance. We are committed to a culture of excellence that supports the seamless integration of Ebix, Inc. and its subsidiaries, positioning us for innovation in a dynamic market.
