Ebix Inc CEO Robin Raina has been suspended pending the outcome of an inquiry investigating reported financial irregularities, the Delhi-based company that acquired the business says. 

An Eraaya Lifespaces-led consortium purchased Ebix through a chapter 11 restructuring process that was approved by the US courts last month. 

Eraaya says its board “was informed regarding certain financial irregularities” pertaining to the operations of Ebix and its global subsidiaries. 

“As a measure of good corporate governance practice, the Eraaya board unanimously decided to initiate investigation of the alleged financial irregularities, entrusted the task to high powered steering committee, and suspended Mr Robin Raina,” it says in a statement to India’s BSE share market. 

A separate communication was also being sent confirming Mr Raina and certain identified personnel have been “refrained from contacting writing and intimidating” any of the officers and employees of Ebix Inc. 

The suspension also applies to Mr Raina’s role as chairman of Eraaya, a position he was appointed to in the wake of the Ebix acquisition. 

The announcement says that Karan Bagga has been assigned additional responsibilities as officiating Ebix Inc CEO. 

Ebix has about 200 offices globally and offers on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries.