February 07, 2013

Press Release No. 1

News about Orbit Corporation Limited

The media had reports that Orbit Corporation Limited may sell its land.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company.

Orbit Corporation Limited has vide its letter inter-alia stated, "The Company is in the business of real estate development in the Mumbai Metropolitan Region. The company is involved in the purchase and sale of the land parcel / dilapidated buildings / open plots in the regular course of business. The Company is in process of selling few of its properties, in the normal course of business. We would like to clarify that the Company is in process of selling its acquired share in the development of the said parcel of land situated at Santacruz, Mumbai. In respect of the same, the company is negotiating with various interested parties for acquiring the company's share in development. We decline to any finalization of the sale transaction for our share in the aforementioned parcel of land."