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The impasse over the return of Polaris chief Arun Jain and his colleague Rajiv Malhotra from Jakarta continued for the fourth day on Monday with the local police yet to return their passports.
"The communication last week from the Jakarta police to the Indian embassy led us to believe that the police would handover the passport on Monday, December 23 and it now appears that Arun and Rajiv will have to wait longer in Jakarta," a company statement from Chennai said.
"At the time of issuing this communication, we have not received any firm indication on the return of the passports," said the company, which is involved in a commercial dispute with Bank Artha Graha.
The statement also said Amar Sinha, charge d' affaires understood from Indonesian foreign affairs ministry on Friday, December 20, that Indonesian government too saw the dispute between the Bank Arth Graha and Polaris as a commercial one.
"This understanding is clearly what led the Indonesian foreign ministry to advise the Jakarta police last Friday to release Arun and Rajiv," it said.
"As expressed and clearly understood by both parties in the contract, the commercial dispute can be arbitrated and resolved only under Singapore law," the statement said.