Skeletons are now tumbling out of the closet, suggesting that the acquisition of the beleaguered US-based company may not exactly be above board.
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The Ajay Singh-led airline may have claimed it has turned profitable, or has a positive net worth for the first time in a decade, but a closer look suggests otherwise.
The resignation letter penned by one of the two independent directors who stepped down recently details serious issues—from fraud to the promoter’s litany of cases—further complicating life for Ebix’s new owner.
Last week, Larsen & Toubro chairman S. N. Subrahmanyan blamed welfare schemes for unavailability of labour. There are other factors in play too.