The Hindu : Polaris team for Singapore to work out arbitration

Online edition of India's National Newspaper
Tuesday, Jan 07, 2003

Business

Business

Polaris team for Singapore to work out arbitration

NEW DELHI JAN. 6. A fortnight after their problem with Bank Artha Graha in Indonesia, a two-member team of Polaris leaves for Singapore tomorrow in an attempt to initiate arbitration over the dispute.

"A two-member team led by Arvind Kumar, a Supreme Court lawyer, who is also on the board of Polaris, is flying to Singapore tomorrow to work out strategies for initiating arbitration proceedings against Bank Artha Graha,'' Arun Jain, Chairman and CEO of the company, told PTI here today.

Polaris had formed a three-member team to examine arbitration laws and take the case forward to the stage of filing it in Singapore and later pursuing it, he said. The other members of the team are K. Govindacharya, Senior Vice-President, special projects, and Anil Verma, sales director, Australian operations.

In Singapore, the company would hire another set of lawyers who along with the Indian team would pursue the matter including filing at the arbitration suit. "The idea of going for arbitration is that we believe we have committed no wrong and the termination was wrongfully done and why should we pay $662,000 to them as the refunded amount... we want to stake our claims,'' Mr. Jain said.

As per the contract with Bank Artha Graha, arbitration could only be filed in Singapore by either party in case of a dispute.

The Polaris board on December 30 had approved the proposal to go in for arbitration.

On the possibility of pursuing a defamation case against Bank Artha Graha, he said "All these would be discussed by the team there after examining the laws.

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