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Polaris denies charges against CEO

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CIOL Bureau
New Update

BANGALORE: Polaris Software Lab, Chennai-based software product and solutions provider, has denied allegations of its Chairman and CEO, Arun Jain, being summoned by a Mumbai court as reported by a financial daily. 'No legal communication has been received so far. The company will take it up once it receives any,' stated a company spokesperson.

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As per the report the case in contention is filed by Harpal Dugal and Suren Khirwadkar, ex-managing partners of Polaris BPO arm-Optimus, against Jain and other directors of the company for offences relating to cheating and defamation. The two (Harpal and Khirwadkar) were hired by Polaris to run the company BPO arm, Optimus in April 2002. One year later, in the first week of April 2003, the company and the duo decided to part ways. While the company claims that it had issued stock options to both the persons, as part of the hiring package, the two denies it.

In addition, the two ex-senior executives of the company have accused the company of not keeping up the promise of issuing sweat equity in Optimus and Polaris and also questioned the integrity of their contribution by blaming them for the company’s dismal performance.

Polaris Optimus is reportedly without a client and facing stiff hurdles to survive in the competitive ITES-BPO market in the country.

According to sources, 'While parting ways in April 2003, a injunction was received from a Chennai court from the two gentlemen from talking about the issue to any third party. However they seem to have overruled this. Despite this they are filing a case against the company.'

The drama between the two warring factions is expected to unfold in the forthcoming week.

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