India's Polaris Software chief held in Jakarta

Tuesday, 17 December 2002, 08:00 Hrs
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NEW DELHI: The chief of Polaris Software, one of India's leading software development and services firm, has been held in Jakarta, a company statement said Monday.

Arun Jain, chairman and managing director of Polaris Software, had gone to Jakarta with a team of senior executives in charge of a software development project for Indonesia's Bank Artha Graha to resolve a commercial dispute, the statement said.

Polaris Software had signed agreements with Bank Artha Graha in June this year for central processing, disaster recovery and branch server related work. The contract was supposed to be executed by July next year.

Bank Artha Graha, however, served notice of contract termination on Polaris Software on November 27.

"Polaris said that the grounds for termination were incorrect and offered to resolve the issue through discussion," said the statement.

"However on their (the Polaris officials) arrival in the office of Bank Artha Graha on December 13, 2002, they were detained against their wishes and were not allowed to leave the premises," it added.

Their detention continues and the company is making vigorous attempts to secure their release through India's ministry of external affairs, the ministry of information technology and Indian embassy in Jakarta, the statement said.
Source: IANS
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