The article looks like it was written by a freshman accounting student. No knowledge of how companies operate or statutory financial statements are prepared.
Now having said that, there certainly is evidence (not uncovered by Gotham) that EBIX has engaged in aggressive tax planning that could certainly cost them some money just as Apple and many other multi-nationals have done. Note that aggressive accounting only benefits a company that are PROFITABLE. If you are losing money why bother?
Here though, you have the Microsoft lawsuit and Goldman walking away so you have pretty good evidence of a company that doesn't have good internal accounting controls. Not all that uncommon for a small company operating internationally but the truth is that few of those companies are publicly traded. They need to bring in a new high-powered CFO with a mandate to clean house accounting wise and in a couple of years after they work through the problems maybe they can go private.