Polaris accepts Jitin Goyal's resignation as company chief

The company took the decision in a board meeting on Wednesday

Polaris Consulting & Services Ltd has said that the company's board has approved the resignation of its Chief Executive Officer, Jitin Goyal. 

According to the company, the board met on Wednesday to discuss Goyal's resignation and decided to accept it. 

Virtusa Corporation had in March announced that its Indian subsidiary- Virtusa Consulting Services Private Limited- had acquired all outstanding shares of Polaris. 

These shares were earlier jointly held by the company's founder and chairman Arun Jain, Orbitech Private Limited, and other minority stockholders who  represented an aggregate of 51.7% of the fully diluted outstanding shares of Polaris for an aggregate purchase consideration of $165.89 million (Rs 1136.4 crore).

The company had then said that Goyal will remain the CEO of Polaris. He was subsequently appointed the President of banking and financial services of Polaris as well as Virtusa, thereby enabling him to lead business operations serving the banking and financial services verticals in both the companies.

Meanwhile, Polaris has posted a net profit of Rs 28.42 crore for the quarter ended on September 30 this year as against Rs 30.6 crore in the corresponding period last year. 

The company's total income has decreased from Rs 484.43 crore in the second quarter of 2015 to Rs 453 crore in the same period this year.