The Reserve Bank of India today withdrew, with immediate effect, the restrictions placed on the purchase of shares of the following companies :

1. M/s. eClerx Services Limited
2. M/s. Polaris Financial Technology Limited (formerly known as Polaris Software Lab Limited)

The withdrawal of restriction came in the wake of the aggregate share holdings by Foreign Institutional Investors (FIIs) in these companies under the Portfolio Investment Scheme (PIS) having gone below the prescribed threshold limit.

Both the companies have passed a resolution at the Board of Directors' level and a special resolution to this effect by their shareholders.

Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares and convertible debentures of these companies.

R. R. Sinha
Deputy General Manager

Press Release : 2011-2012/974