The parent entity’s filing for bankruptcy in the US was not supposed to affect the Indian business. Yet it has.
Matters at EbixCash Ltd have taken a turn for the worse in the month since its NASDAQ-listed parent, Ebix Inc., filed for bankruptcy. Two of its directors have resigned and the company’s much-delayed initial public offering is at risk of being called off.
Directors Uma Shankar and S.P. Kothari resigned in quick succession. Data available with the Ministry of Corporate Affairs shows that Shankar ceased to be a director of the company on 29 December 2023. She had been appointed to the board of the company in June 2022. In Kothari’s case, he ceased to be director of the company …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi