why is ORG Informatics not trading

Dec. 12, 2010 - PRLog -- ORG Informatics Ltd has announced that the Company is in receipt of an "Order of attachment of immovable property" of the Company from Tax recovery officer-4, Badroda, as the Company has failed to pay the sum of Rs 603.34 lacs, Income tax demand. In this respect we would like to clarify that against total amount due of Rs 603.34 lacs, Rs 325 lacs is appealable demand and against which Company has already filed an appeal with Income Tax Appellate Tribunal. In respect of remaining amount of Rs 279 we are in regular communication with Income Tax department.

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However, further we would like to inform you that we have communicated to the Income Tax Department that the company is in temporary cash crunch due to the fact that huge amount have got struck with accounts receivable and from Rs 98 crores on 31.03.2007 it has gone upto Rs 279 crores as on 31.01.2009. The company is making restless efforts to collect the same at the earliest. We have committed to the income tax department that as soon as we will get the amount collect we will pay the same to the Income Tax Department first.

The Management of the Company understands the seriousness of the matter and committed to resolve the problem at the earliest.

The stock closed the day at Rs.7, up by Rs.0.10 or 1.45%. The stock hit an intraday high of Rs.7.43 and low of Rs.6.51.

The total traded quantity was 45744 compared to 2 week average of 19446.