A fortnight after its problem with Bank Artha Graha in Indonesia, a two-member team of Polaris leaves for Singapore Tuesday in an attempt at initiating arbitration over the dispute.
"The team led by Arvind Kumar, a Supreme Court lawyer, who is also on the board of Polaris, is going to work out strategies for initiating arbitration proceedings against Bank Artha Graha", Polaris chairman and chief executive Arun Jain said in New Delhi Monday.
Polaris has 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. Besides Kumar, the team comprises K Govindacharya, senior vice-president, special projects, and Anil Verma, sales director, Australian operations.
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"We go for arbitration since we have committed nothing wrong and the termination was wrongfully done. We want to stake our claims," 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.
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, Jain said "All these would be discussed by the team there after examining the laws".
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