Sebi To Probe Polaris Merger

Mumbai, May 29: | Updated: May 30 2002, 05:30am hrs
The Securities and Exchange Board has decided to look into the possible insider trading in the merger of Polaris Software Laboratories with Orbitech Solutions, a Citigroup company.

Im not aware of the development that took place before and after the merger announcement made by PSLL, but if there is any violation we will definitely look into it, Sebi chairman GN Bajpai said here on Wednesday.

On May 13, PSLL, in response to media reports about a possible merger with Orbitech had informed BSE that it was evaluating various options, but there was no firm understanding with anybody. But on May 22, the PSLL board approved a merge with Orbitech.

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