Orbit Corporation Updates on Writ Petition filed against the company

Orbit Corporation Ltd has announced that "This is in furtherance to our earlier communique dated April 12, 2007 with reference to the Writ Petition filed by one Mr. Satyendra Ramgopal Sharma, Promoter of the Indian Investor Protection Forum (Proposed) with the Hon'ble High Court at Bombay ("Court"), bearing no. 792 of 2007 dated April 4, 2007 against the Company and others.

As intimated to you vide our abovementioned letter the matter came up for hearing on 11th April, 2007 and the Hon'ble High Court observed that no relief would be granted to the petitioner against the prayer and all steps taken shall be subject to the final directions in the petitions. The matter came up for admission today i.e. on 16 April, 2007 and the Court has further adjourned the matter to Saturday, 21st of April, 2007. No orders were passed in the matter.

We also confirm that the Hon'ble Bombay High Court has not in any way restrained and / or made listing of securities of the Company on the Bombay Stock Exchange Limited and the National Stock Exchange Limited, conditional. Further, in any event, the Company undertakes to abide by the outcome of the Writ Petition."

The stock closed the day at Rs.173.10, up by Rs.19.60 or 12.77%. The stock hit an intraday high of Rs.184.20 and low of Rs.157.25. The total traded quantity was 10132718 shares compared to 2 week average of 9271566.

Source : Equity Bulls

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