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CHENNAI, Dec. 30

THE shareholders of Polaris Software Lab Ltd on Monday approved the scheme of amalgamation between the company and Oribtech Solutions Ltd. The approval was given at an extra-ordinary general meeting (EGM) convened by Polaris here.

In another EGM convened in the morning by the company on direction by the Madras High Court, the shareholders approved the scheme of amalgamation through a secret ballot. While 61 shareholders approved the merger, one opposed.

Mr Arun Jain, Chariman and CEO, told reporters after the EGM that the integration process between the two companies was going on smoothly. The Orbitech board was also meeting simultaneously to give approval. In the next 90 days, the merger formalities should get over. In February, processes of both the companies should come together, he added.

According to Mr Jain, Polaris and Orbitech were jointly pitching for projects, and have also been successful in a couple of them. He did not elaborate further.

To a query on the effect on the Bank Arth Graha episode on the merger process, Mr Jain said there was only a minor distraction.

On the AIG Insurance-Polaris joint venture announced a few days ago, Mr Jain said that the company would scale up the number of people in the joint venture to about 1,000 in three years, and to about 4,000 in five years. The company may increase its equity stake in the joint venture, he said.

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