This excerpt taken from the EBIX 8-K filed Mar 19, 2008.
Note 5: Related Party Transaction
A loan of ($4,286,989) was given to wholly owned subsidiaries.
By circular resolution on 27 October 2006, the directors of the company approved;
(a) the payment of a dividend to the companys sole shareholder, amounting to AUS Dollars $10,000,000 ($ 8,500,000 US Dollars).
The company has a number of related party loans with companys that share the same ultimate parent company as Telstra eBusiness Services Pty Ltd.
During the year ended 30 June 2007, the companys (net) loans receivable with related parties were forgiven as part of the groups initiative to correct the capital structure of the entities within the group. The debt forgiveness was completed in accordance with the directors resolution.