Companies & Sectors
Virtusa to buy majority stake in Polaris for Rs.1,173 crore

Virtusa will make an unconditional mandatory offer to the public shareholders of Polaris to purchase up to an additional 26% of its outstanding shares

 

US based Virtusa Corporation has decided to buy around 53 percent of shares of city based software services company Polaris Consulting and Services Ltd for Rs.1,173 crore, the Indian company said.
 
Virtusa will make an unconditional mandatory offer to the public shareholders of Polaris to purchase up to an additional 26% of its outstanding shares.
 
In a statement issued here, Polaris Consulting said it has entered into a definitive share purchase agreement (SPA) with Virtusa Corporation whereby a subsidiary of Virtusa will acquire approximately 53% of the paid up share capital of Polaris.
 
The American company will buy the shares from certain promoter entities led by Polaris chairman Arun Jain and certain other shareholders, including OrbiTech Private Ltd (formerly known as Orbitech Ltd).
 
As per the agreement, Virtusa will purchase the shares at a price of around Rs.220.73 per share.
 
"I wish all Polaris associates who contributed to building Polaris into a world class company in the BFSI (banking, financial services and insurance) space, continued success in their journey under the larger canvas of Virtusa and Polaris. 
 
"This will also enable me to establish and pursue innovative models for social impact using Design Thinking in the areas of health and education, in addition to my focus on steering Intellect Design Arena Limited into a global digital products powerhouse," Jain was quoted as saying in the statement.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Trying to remove bottlenecks in infrastructure projects: Modi
Infrastructure projects such as roads and power were the first pre-requisite of development and new highways will give pace to Haryana's growth
 
Prime Minister Narendra Modi on Thursday said his government is working towards removing bottlenecks and simplifying procedures to speed up implementation of infrastructure projects.
 
Addressing a public meeting after laying the foundation stone for three highway projects in this Haryana town, he referred to PRAGATI (Pro-Active Governance and Timely Implementation) interactions with various ministries and states that he chairs every month to resolve issues in pending projects.
 
Noting infrastructure projects such as roads and power were the first pre-requisite of development and new highways will give pace to Haryana's growth, he also pitched his vision of providing 24x7 power supply to all parts of the country by 2022. 
 
Union ministers Nitin Gadkari and Birender Singh were also present on the occasion.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Dhanalaxmi Bank fined for violating anti-money laundering norms

In a statement, the central bank said the penalty has been imposted for violation of RBI instructions, know-your-customer (KYC) norms and anti-money laundering (AML) standard

 

The Reserve Bank of India (RBI) on Thursday said it has imposed a monetary penalty of Rs.10 million on Dhanalaxmi Bank Ltd for violations of various norms including anti-money laundering standards.
 
In a statement, the central bank said the penalty has been imposted for violation of RBI instructions, know-your-customer (KYC) norms and anti-money laundering (AML) standards.
 
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers," it said.
 
The central bank said it had issued a show cause notice to the bank for not having complied with the KYC and AML guidelines in respect of a current account under investigation of the Economic Offences Wing (EOW), Mumbai.
 
After considering the bank's reply, as also, personal submissions, information submitted and documents furnished, the RBI came to the conclusion that the bank had violated the instructions/guidelines issued, from time to time, which warranted imposition of monetary penalty on it.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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