ORBIT CORPORATION LTD. - Updates on Possession Notices published in the English newspaper
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| 31 Jul 2014 | |
| Orbit Corporation Ltd has informed BSE that :<br/><br/>"This is with reference to the Possession Notices published in the English newspaper Economic Times in its editions dated July 26, 2014 by IFCI Limited in respect of the property mentioned therein (said property) as also the news published in the said newspaper of July 29, 2014 edition.<br/><br/>We would like to inform that the aforesaid Notices were issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.<br/><br/>We would further like to inform that we have availed a Term Loan from IFCI Limited for funding the construction of on-going projects. The Company had availed Rs. 100 Crores from IFCI Limited and has repaid a major part of Rs. 81.35 Crores over a period of time. There has been delay in the payment of certain interest and principal and currently an amount of around Rs. 18.65 Crores is outstanding towards the same.<br/><br/>The management is in continuous discussion with the IFCI Limited personnels for one time settlement and other avenues for repayment of the balance term loan. We have explained to the concerned personnels the reasons for delay in the repayments from time to time particularly construction has stopped due to the regulatory requirements, etc.<br/><br/>We have received permissions for our projects in the last few months and slowly construction activity has begun to remobilize the sites. We are also planning for the joint development of few of our properties through which our cash flow will improve leading to repayment of their loan." | |
| View all announcements for ORBIT CORPORATION LTD. | Source: BSE India |
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