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Polaris Software Lab Ltd's board on Monday recommended initiating 'arbitration proceedings' in Singapore to resolve the commercial disputes with Bank Artha Graha, an Indonesian Bank, whose complaint led to the detention of IT company's CEO Arun Jain and another official in Indonesia recently.
The Chennai-based company's board also recommended approaching Indonesian courts to quash any criminal charges under the Indonesian laws, the entity informed the Bombay Stock Exchange.
The company would pursue all legal actions and has appointed a legal team to oversee action against Bank Artha Graha, it said.
The board of the company reviewed the future course of action on the unlawful detention of its chairman and managing director and CEO Arun Jain and senior vice president Rajiv Malhotra.