BWI: Statement on behalf of Shri Arun Jain

Press release from Business Wire India
Source: Polaris Financial Technology Ltd.
Wednesday, October 10, 2012 12:07 PM IST (06:37 AM GMT)
Editors: General: Consumer interest, Economy, Law & justice, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Major diversified industrial groups, Stock exchanges; Technology
--------------------------------------------------
Statement on behalf of Shri Arun Jain


Chennai, Tamil Nadu, India, Wednesday, October 10, 2012 -- (Business Wire India) -- The press/media today carries news items about an Order passed by Shri Rajeev Kumar Agarwal, Whole time Member of the Securities Exchange Board Of India ["SEBI"] in a matter pertaining to Shri Arun Jain.

It should be noted that the matter pertains to a twelve year old transaction (sale of 15,080 shares); which was settled in accordance with law and based on the recommendation of the High Powered Advisory Committee of SEBI. The settlement resulted in a Consent Order dated 21/07/2008 being passed pursuant to which the matter was closed.

We would like to point out that the current Order does not take into consideration the detailed legal arguments that were presented challenging the re-opening of the Consent Order. We are reviewing the Order and considering filing an appeal before the Securities Appellate Tribunal.

A few data points:

1. Polaris entered the capital markets in August 1999. From then until now, Mr. Jain has purchased over 3,000,000 shares.
2. In the last 10 years, since March 2002, Mr. Jain has not sold a single share.
3. As on date, Polaris holdings and Mr. Jain's family owns 28,989,559 shares in the company.



CONTACT DETAILS
Minal Sahani, Polaris Financial Technology Ltd., +91 9176626468, minal.sahani@polarisFT.com

KEYWORDS
CONSUMER, ECONOMY, LAW, PEOPLE, MARKETING, BANKING, BUSINESS SERVICES, GROUPS, STOCK EXCHANGES, TECHNOLOGY

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com