With reference to the media report titled ‘After LIC, IFCI attaches Orbit’s Mumbai Properties to recover loans worth Rs 58 crore’ appearing on First Post website dated July 28, 2015, Orbit Corporation has clarified that the action of IFCI including the sale notice of IFCI is in the process of being challenged before the appropriate Court/Tribunal and contention of Orbit Corporation Limited is that the amount claimed by them in the notice is not due and payable since the entire balance principal due gets appropriated by sale of shares.
The above information is a part of company’s filings submitted to BSE.
