Arun Jain to step down as MD of Polaris, will continue as Chairman

Profit rose by 18% to Rs 49 crore, revenue stood at Rs 477 crore in Q2

Arun Jain has decided to step down as Managing Director of Polaris Financial Technology Limited (now Polaris Consulting & Services Ltd). According to company's announcement to BSE the Board of Directors of the Company at its meeting held on November 7, 2014 have approved the relinquishment of Managing Director position by Arun Jain, who will continue as Chairman.

The Board also appointed Jitin Goyal as Executive Director of the Company. He is already the Chief Executive of the company for the last one year.

Appointment of Theodore Roosevelt Malloch as Vice Chairman was also approved by the Board. He was the chairman and CEO of the Roosevelt Group and served on the Executive Board of the World Economic Forum, which hosts the annual WEF meetings in Davos, Switzerland;

Meanwhile, today the company announced its results for the second quarter of 2014-15, post the demerger of the products business. Profit rose by 18% to Rs 49 crore, revenue stood at Rs 477 crore. The company added nine new clients during the quarter.

The company said that the current year financials are not comparable with the previous year financials, consequent to the demerger of the Product business during the current year.