Robin Raina’s Eraaya-Ebix deal is a train wreck

The acquisition of Ebix Inc. has run into a fresh plot twist. Robin Raina, the now-suspended chief executive of the US-based on-demand software company, seems to be at odds with two of Ebix’s three new owners. In December last year, the NASDAQ-listed company was forced into voluntary bankruptcy after years of financial trouble.

Early this month, Raina filed a lawsuit in the Delhi High Court against Eraaya Lifespaces and Vikas Lifecare. Together with Vitasta Software India, the two companies are part of a consortium that had acquired Ebix for $150 million (about Rs 1,200 crore) in August. According to the …