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Press Release

November 26, 2015

Press Note - From the desk of Arun Jain

Chennai (India), Thursday 26, November 2015:

Reference to the news item of today regarding an exparte Interim Order passed by SEBI on 24th November 2015 against me, it is clarified that the matter pertains to a set of facts of 2008 pursuant to which an investigation was conducted. Based on conjecture, SEBI has concluded that the trades were made while in possession of unpublished price sensitive information.

The Interim Order by its very nature is not a conclusive finding. As I am keen to have this matter resolved at the earliest, I would be taking all steps as legally advised to defend myself against the serious harm to reputation caused by this Order including by contesting vigorously the contents and conclusions drawn by SEBI. The allegations are clearly denied and I am confident that upon appreciation of the robust defense that would be put up, they would be dropped.

Meanwhile, to demonstrate bonafides, the amount asked to be deposited by SEBI has been deposited under protest.

A few data points:

  1. In an earlier matter, SEBI’s order of October 2012 involving selling of 15080 shares was quashed by the SAT in Dec 2013 with SEBI unconditionally allowing the appeal.
  2. In the last 13 years since March 2002, I have not sold a single Polaris share.
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About Virtusa

Virtusa Corporation is a global provider of digital engineering and technology services and solutions for Forbes Global 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. At Virtusa, digital engineering is at the heart of everything we do. We are 30,000 builders, makers, and doers that partner with customers to reimagine enterprises and creatively build solutions to the most pressing business challenges that move them to the forefront of their industries.

Virtusa's unique Engineering First approach means never presenting an idea we can't execute. With deep industry expertise and empowered agile teams made up of world-class talent, we think about execution early in the process, because the earlier you think about execution the earlier an idea can have an impact. Solving from the inside out enables businesses to respond swiftly to changing needs with improved quality, lower costs, and lasting results.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Media Contact:

Matt Flannery
Edelman
(203) 856-2006
matt.flannery@edelman.com

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About Virtusa

Virtusa Corporation is a global provider of digital engineering and technology services and solutions for Forbes Global 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. At Virtusa, digital engineering is at the heart of everything we do. We are 30,000 builders, makers, and doers that partner with customers to reimagine enterprises and creatively build solutions to the most pressing business challenges that move them to the forefront of their industries.

Virtusa's unique Engineering First approach means never presenting an idea we can't execute. With deep industry expertise and empowered agile teams made up of world-class talent, we think about execution early in the process, because the earlier you think about execution the earlier an idea can have an impact. Solving from the inside out enables businesses to respond swiftly to changing needs with improved quality, lower costs, and lasting results.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Media Contact:

Matt Flannery
Edelman
(203) 856-2006
matt.flannery@edelman.com

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