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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 Based on conjecture, SEBI has concluded that the trades were made while in possession of unpublished price sensitive information.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.

 

About Virtusa

Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.

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:

Alex Nickols
Edelman
+1 (415) 430-8056
Alex.Nickols@edelman.com

 

About Virtusa

Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.

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:

Alex Nickols
Edelman
+1 (415) 430-8056
Alex.Nickols@edelman.com

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