Market regulator sebi today barred polaris software labs s cmd arun jain from securities market for a period of two years for alleged insider trading in the companys shares. Arun jain born 30 december 1959 is a chennaibased indian industrialist, investor and philanthropist. The securities and exchange board of india sebi on tuesday barred polaris software labs s cmd arun jain from securities market for two years for alleged insider trading in the companys shares. The polaris orbitech merger polaris software labs, orbitech solutions, the case describes in detail, the merger of indiabased polaris software lab with the usbased orbitech solutions, owned by the citi group. Polaris software labs on friday said it is perplexed over the fact that the company ceo arun jain and senior vicepresident rajiv malhotra. Find contacts direct phone number, email address, work history, and more.
The polaris orbitech mergerfinancecase studycase studies. If a run to fail philosophy dictates your maintenance plan, give yourself the power to prevent small problems from becoming catastrophic failures. Projects with sporting amenities near polaris software lab. Join facebook to connect with brijesh dhande and others you may know. Sebi has banned polaris software labs arun jain from dealing in the securities market for two years accusing him of violating insider trading. Sebi fines polaris promoter arun jain in insider trading. In 1993 he started polaris software lab which has today grown into a rs600mn company. In 1993, jain promoted polaris software lab limited with software development centres in noida near new delhi and in chennai. Before the securities and exchange board of india order under sections 111, 114 and 11b of the securities and exchange board of india act, 1992 in the matter of polaris software lab limited presently known as polaris consulting and services limited in respect of. View the profiles of professionals named brijesh kumar pandey on linkedin. Software testing lab opens in sydney with the support of. Polaris software lab ltd has informed bse that the board of directors of the company at its meeting held on april 28, 2011, has approved and recommended the reappointment of mr. Arun jain, promoter of chennaibased polaris software lab now polaris software consulting, has clarified that the ex parte interim order by sebi on november 24 against him was a matter pertaining t. Polaris offers state of the art comprehensive solutions for core banking, wealth.
Sebi bars polaris softwares arun jain indian express. The lab is geared toward the banking, financial services, insurance, manufacturing and services sectors with the polaris application certification enterprise pace being set up by polaris software, an integrated global technology solution provider. Bbc news business india seeks to free software boss. Over the years we have built and run universal digital channel udc platforms for some of the biggest banks around the globe. Sebi order against polaris promoter not to impact stake. Mr jain and another senior official were detained when they went to the indonesian. He was also the founder, chairman and ceo of polaris consulting and. A worldclass specialist software testing lab was opened today by polaris software in conjunction with the nsw government. Polaris software lab is a computer software company that provides solutions for the banking, financial, and insurance sectors. Arun jain is the founder of polaris group and chairman and managing director of intellect design arena limited. So, polaris sofware lab was split into two companies.
Mr arun jain, chairman and managing director, and founder of the chennai based polaris software lab ltd, has set a precedent for other. The stock of polaris financial technology erstwhile polaris software lab crashed 5. Sebi bars polaris arun jain from securities mkt for 2. Sebi conducted investigation into the dealing in the scrip of polaris software lab based on. The case dates back to 2000 when polaris software was looking at acquiring usbased data inc. Read more about sebi order against polaris promoter not to impact stake sale deal on business standard. Fast, reliable data is helpful, but you need more to make truly informed maintenance decisions. From the humble beginnings in 1993, polaris has become a global financial technology. Watch videos, top stories and articles on polaris software lab at.
It was during this time, in 1993, that polaris software lab was born. Arun jain managing director of intellect design arena limited. Polaris cmd arun jain not to draw salary the hindu businessline. Polaris was contracted to supply the indonesian bank with software services by july 2003 but it allegedly failed to complete another software project for the bank due in september this year. Facebook gives people the power to share and makes. Q3 results arun jain and arup gupta on cnbc part 2. Polaris software is a global software house providing quality and customized information technology it solutions to several multinational clients across 20 countries. Chennai, tamil nadu, india industries information services, information technology, software headquarters regions asiapacific apac founded date 1993 founders arun jain operating status active number of employees. Sebi said it found that polaris software lab had called off the proposed acquisition of data inc, after due diligence, in the second week of september, 2000 but had informed the concerned stock exchanges on september 30, 2000.
View brijesh jain s business profile as senior project manager at polaris financial technology limited. Sebi fines polaris promoter arun jain in insider trading case the. Almost a year after its merger with citicorp subsidiary orbitech was. Arun jain and a few other shareholders of polaris consulting and services ltd pcsl on thursday entered into a share purchase agreement by which they will sell the 53 percent stake they hold in. Mr arun jain got into the software business in 1986 when he set up nucleus software.
The securities and exchange board of india has banned polaris software lab s promoter arun jain from dealing in the securities market for two years accusing him of violating insider trading norms. View brijesh kumar pandeys profile on linkedin, the worlds largest professional community. Read more about sebi bars polaris arun jain from securities mkt for 2 years on business standard. Industrial oil analysis can put you a step ahead in the fastpaced arena of industrial plant production.
Over the last 20 years, the organisation specialises in developing solutions for financial services using technology. Sebi bars polaris cmd jain from securities market for two. Arun jain, promoter of chennaibased polaris software lab now polaris software consulting, has clarified that the ex parte interim order by. Founded date 1993 founders arun jain operating status active number of.
Why did arun jain sell polaris consulting and services. Polaris software lab is a computer software company that provides solutions for. About polaris software lab ltd polaris software lab ltd, a public listed company found in the year 1993 is the worlds most sophisticated insurance and banking software company. How arun jain built his fortune with polaris business standard news. He was also the founder, chairman and ceo of polaris consulting and services ltd. He is the chairman and managing director of intellect design arena limited, an it software products company in the banking, financial services and insurance space which is listed in the national stock exchange as intellect. The securities and exchange board of india has banned polaris software lab ltds promoter arun jain from dealing in the securities market for two years accusing him of violating insider trading norms. Sebi conducted an investigation into the dealings in the scrip of polaris software lab based. It also examines the reasons for revising the swap ratio of the merger. Intellect design arena was incorporated to house the products business in the banking. The case describes the rationale for the merger on the basis of key financial data. Through our fullservice fluid analysis laboratory, we. Intellect is a specialist in applying true digital technologies, offering the worlds first full spectrum of banking and insurance technology products, across consumer banking, central banking, transaction banking, risk, treasury and markets and insurance.
The co founders of his original company, international information systems. The judgment impacts polaris software lab, arun jain and directors of the company who were on the board of the company before the complaint was filed by the duo in may. The sebi order against arun jain, chairman and managing director of polaris software lab ltd now polaris consulting and services will not have any impact on the stake sale deal with virtusa, said a senior legal official of the firm. See the complete profile on linkedin and discover brijesh kumars connections and jobs at similar companies. Polaris software lab owner arun jain gets twoyear trading ban. Joined polaris software labs in 2006 as team lead and currently working as sr.