Mumbai: Polaris Software Lab Ltd's board on December 30 recommended initiating 'arbitration proceedings' in Singapore to resolve the commercial disputes with Bank Artha Graha, an Indonesian Bank, whose complaint led to the detention of the company's chief executive officer (CEO) Arun Jain and another official in Indonesia recently.

The Chennai-based company's board also recommended approaching Indonesian courts to quash any criminal charges under the Indonesian laws, the entity informed the Bombay Stock Exchange.

The company would pursue all legal actions and has appointed a legal team to oversee action against Bank Artha Graha, it said.

The board of company reviewed the future course of action on the unlawful detention of its chairman & managing director and CEO Arun Jain and senior vice president Rajiv Malhotra.

The board expressed its gratitude for the government's assistance, especially by External Affairs Minister Yashwant Sinha and Information Technology and Communications Minister Pramod Mahajan in the whole issue and also thanked the Indonesian government and its officials for facilitating the safe return of Jain and Malhotra to India.

After a high-level diplomatic intervention by India, Jain and Malhotra were released on December 20 by Jakarta police ending a weeklong detention following a commercial dispute with Bank Artha Graha, a local bank in Indonesia. The duo had arrived in Chennai on December 24 midnight.

PTI