Polaris Software Lab Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 23, 2008, inter alia, has recommended dividend of 30% (Re 1.50/- per share) on the Equity Share Capital of the Company for the financial year 2007-08.

Further the Company has informed that, the Board considered a proposal of buy-back of its equity shares and discussion on this subject. In the course of discussions, members of the Board drew attention to the real estate investments made by the Company and suggested that the best option to maximize shareholder value from these investment should also be explored.

The Board accordingly decided to defer its decision on the buy back of equity shares and appointed a committee of the Board to give recommendations to enable the Board to take a decision at its next meeting.