POLARIS

Polaris Software Lab Limited has informed the Exchange of the disclosure in respect of the shares held by Mr. Anil Sachdev and Mr. Anil Khanna, who have been appointed directors on the Board of the Company in the Board Meeting held on April 27, 2005. The details are as follows: 1) Mr. Anil Sachdev holds 6150 shares (0.006%); and 2) Mr. Anil Khanna holds Nil shares, as on the date of assuming office, i.e. April 27, 2005.

JM Morgan Stanley Pvt. Ltd. has informed the Exchange that with reference to the Buy back of shares of Polaris Software Lab Limited, they have been appointed as the Manager to the Buy Back. The BOD's at their meeting held on April 27, 2005 authorised the Buy Back and the Buy back is proposed to be implemented by Polaris by open market purchases through the Stock Exchange, Mumbai and the National Stock Exchange of India Limited, using their electronic trading facilities. JM Morgan Stanley Pvt. Ltd. has submitted to the Exchange a copy of the public notice published in the newspapers on April 2

Polaris Software Lab Limited has submitted to the exchange a copy of the resolution passed by the BODs of the company on April 27, 2005 approving the proposed buyback of company's fully paid-up equity shares using "Open Market" purchase through stock exchanges. A copy of the resolution shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Polaris Software Lab Limited has informed the Exchange that the Remuneration and Compensation Committee of the BODs of the Company, in its meeting held on April 27, 2005, has granted 36,000 number of options at Rs.116.10 per share under the Associate Stock Option Plan 2003 (ASOP 2003). The said options are convertible into equal number of equity shares.

Polaris Software Lab Limited has informed the Exchange that the Shareholders' Committee of the Board of Directors of the company, in its meeting held on April 26, 2005, has allotted new equity shares to its employees under the Associate Stock Option Plan 2000 & 2001. The details are as follows: 1) ASOP 2000 - Date of Grant - October 18, 2001; Option Price - Rs.71.50; No. of allottees -12; No. of shares - 1,750. 2) ASOP 2000 - Date of Grant - January 28, 2003; Option Price - Rs.126.70; No. of allottees - 1; No. of shares -260. 3) ASOP 2001 - Date of Grant - September 26, 2001; Option Price - Rs

Polaris Software Lab Limited has informed the Exchange that BODs of the Company in their Meeting held on April 27, 2005 have approved the proposal for the 'Buyback' of the fully paid Equity Shares of Rs. 5/- each to the extent of or less than 10% of the paid equity capital and free reserves of the Company as of March 31, 2005, however not exceeding 25% of the paid up equity share capital of the Company, from the open market through Stock Exchange(s) at a price not exceeding Rs. 115/- per equity shares payable in cash, upto an aggregate amount not exceeding Rs. 49.00 Crores.

Polaris Software Lab Limited has informed the Exchange that the Board in its meeting held on April 27,2005, subject to the approval of members, has recommended a dividend of 35% (Rs. 1.75 Per Share) for the financial year 2004-05.

Polaris Software Lab Limited has informed the Exchange that the Company has been served with a notice by the Income Tax authorities for payment of Rs.18.03 Crores as additional taxes under the Income Tax Act, 1961 for the Financial Years 2000-2001 and 2001-2002, primarily on account of denial of certain deductions under Section 10A for the software profits the Company earns out of its STPI registered Units. The Company maintains that the demands are not sustainable and has decided to file an appeal before the Commissioner (Appeals), the first appellate authority.

Polaris Software Lab Limited has informed the Exchange that the Company has issued media release dated April 06, 2005 relating to launch of three years Post Graduate Diploma Programme in Financial Technology by Polaris Software Lab Limited and the Institute for Financial Management and Research (IFMR). The details of the media release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Polaris Software Lab Limited has informed the Exchange that Mr. Ram Bhagwat, President and Executive Director of the Company has taken early retirement. Pursuant to the above he also ceases to be a whole time Director in the Company. The same has been approved by the BOD's in the meeting held on January 21, 2005 with immediate effect.

Polaris Software Lab Limited has informed the Exchange that the Shareholders' Committee of the Board of Directors of the company, in its meeting held on January 21, 2005, has allotted new equity shares to its employees under the Associate Stock Option Plan 2000 & 2001. The details are as follows: 1) ASOP 2000 - Date of Grant - October 18, 2001; Option Price - Rs.71.50; No. of allottees -146; No. of shares - 45320. 2) ASOP 2000 - Date of Grant - January 28, 2003; Option Price - Rs.126.70; No. of allottees - 7; No. of shares -3250. 3) ASOP 2000 - Date of Grant - April 01, 2003; Option Price - Rs

Polaris Software Lab Limited has informed the Exchange that the Remuneration and Compensation Committee of the BoD's in its meeting held on January 21, 2005 has granted 125,000 number of options to 31 employees at Rs.139.85 per share under the Associate Stock Option Plan 2003 (ASOP 2003). The said options are convertible into equal number of equity shares.

Polaris Software Lab Limited has informed the Exchange regarding the Unaudited Financial Results for the quarter ended December 31, 2004. The Press release issued by the company on January 21, 2005 in this regard is available at the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Polaris Software Lab Limited has informed the Exchange that the company proposes to issue a media release on December 21,2004 announcing that National Bank of Abu Dhabi selects the Intellect Retail Banking Solution from Polaris. The details of the media release issued by the Company shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Polaris Software Lab Limited has informed the Exchange regarding the proposed media release dated December 14, 2004 relating to launch of comprehensive Business Infrastructure Solutions to support the credit card market by the company's subsidiary, Optimus Outsourcing Company Limited. The details of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Polaris Software Lab Limited has informed the Exchange that the company has on December 09,2004 issued a press release relating to appointment of Mr. Prabal Basu Roy as Group CFO & Executive Vice President of the Company.The details of the press release issued by the Company shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/CorporateAnnouncements).

Polaris Software Lab Limited has informed the Exchange of the disclosure received by the Company from Mr. Nanoo G Pamnani providing information on initial disclosure of shares held by him, of the Company. The details are as follows : Mr. Nanoo G Pamnani holds Nil shares as on October 20, 2004.

Polaris Software Lab Limited has informed the Exchange that the Shareholders' Committee of the Board of Directors of the company, in its meeting held on October 19, 2004, has allotted new equity shares to its employees under the Associate Stock Option Plan 2000 & 2001. The details are as follows: 1) ASOP 2000 - Date of Grant - October 18, 2001; Option Price - 71.50; No. of allottees - 4; No. of shares - 2670. 2) ASOP 2000 - Date of Grant - January 28, 2003; Option Price - 126.70; No. of allottees - 5; No. of shares - 2980. 3) ASOP 2000 - Date of Grant - April 01, 2003; Option Price - 123.65; N

Polaris Software Lab Limited has informed the Exchange that the Remuneration and Compensation Committee of the BoD's in its meeting held on October 19, 2004 has granted 81500 number of options to 28 employees at Rs.152.85 per share under the Associate Stock Option Plan 2003 (ASOP 2003). The said options are convertible into equal number of equity shares.