Chennai-based Polaris Software Lab Tuesday said it is hopeful of an early release of its CEO Arun Jain who was "detained" on Friday in Jakarta in connection with a commercial dispute.
After selling Polaris to Virtusa, Arun Jain will focus on Intellect Design, play the role of mentor and angel investor, and pursue his interests in healthcare and education.
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Polaris Financial Technology Ltd , the Chennai-based information technology major which provides products, solutions and services for the financial services sector, has appointed five CEOs, one for for each distinct line of business.
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Posters had been put up outside colleges stating that on procurement of enrolment forms for Rs 500, press cards for freelance journalists for a 'yet to be published' magazine 'India TV News'.
Polaris Software Lab Ltd's board on Monday recommended initiating 'arbitration proceedings' in Singapore to resolve the commercial disputes with Bank Artha Graha.
Polaris CEO Arun Jain said the detention by the Indonesian police seemed ‘pre-planned and premeditated’.
Indonesian authorities on Tuesday returned the passports of Polaris chief executive officer Arun Jain and his colleague Rajiv Malhotra, which had been confiscated following their arrests in a commercial dispute case.
Polaris to set up development facility in Hyderabad
A fortnight after their problem with Bank Artha Graha in Indonesia, a two-member team of Polaris leaves for Singapore Tuesday in a possible attempt at initiating arbitration over the dispute.
Polaris chief Arun Jain and his colleague Rajiv Malhotra who were released by Indonesian police on Friday may get back their passports and other related documents on Monday.
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.\n\n\n\n
Scared by the experience in Jakarta, Polaris Software labs has decided not to do any business in Indonesia at least for a year and is considering arbitration against Indonesian Bank Artha Graha in Singapore on the dispute with it.
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'If they are not ready for a 10 to 20 year journey, they should not become entrepreneurs.'
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