Polaris Software settles case in USA

Polaris Software Lab Ltd has informed about the following:

"This has reference to Serial No 20 of Notes to the Accounts of the Company for the year ended March 31, 2007.

The said Case was there in a USA Court for trial on November 26, 2007.

On the said day, the Plaintiffs agreed to withdraw all their claims on a payment of
US$ 6,00,000 (US Dollars Six hundred thousand only) to which Polaris agreed and there after Judge Pisano did not hold trial. The Judge further announced that the case is dismissed for ever, in view of the settlement claims.

The Attorney of both parties have been directed to settle the terms of the payment and other modus operandi. Therefore, the case has ended in a compromise mode on November 26, 2007."