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Polaris board to meet on Monday

New Delhi, Dec. 26 (PTI): Scared by the experience in Jakarta, Polaris Software Labs will not do business in Indonesia at least for a year and is considering arbitration against Bank Artha Graha in Singapore on the dispute with it.

“Indonesia is a large market but we will not do business there at least for six months to one year,” Polaris chief Arun Jain, who returned here yesterday morning after a week-long detention drama in Jakarta, said.

“The company board will meet on December 30 to analyse the crisis and chalk out the next course of action. I will update the board on the incident,” he said.

The company would consider going for arbitration in Singapore but the decision has to taken by the board, he added.

Following the Indonesian experience, the company would go for due diligence of its clients covering not only the new contracts but also review of the existing ones.

On the possibility of pursuing a defamation case against Bank Artha Graha, he said, “In the coming one to three days, I will consult my lawyers on this issue.” Jain was detained along with his colleague Rajiv Malhotra in Jakarta on December 13 when the two visited the bank to settle a commercial dispute. Jain and Malhotra were released after a week following diplomatic intervention by India.

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