PACL Refund: Markets regulator Securities and Exchange Board of India (SEBI) has asked investors in PACL group’s illegal schemes with claims of up to Rs 19,000 to produce original documents.
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The high-powered Sebi committee has set October 31 deadline to produce documents to receive refunds.
According to a report on PTI, PACL, also known as Pearl Group had raised money from the public in the name of agriculture and real estate businesses. It was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.
Only Verified Certificates
The panel has asked only those investors whose applications have been successfully verified to submit their original certificates.
Former Chief Justice of India RM Lodha leads the committee responsible for overseeing the verification and disposal of properties to reimburse genuine investors.
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They have already initiated a phased refund process. This panel was established by Sebi in 2016 following a directive from the Supreme Court.
The committee has made the decision to request original PACL registration certificates from eligible investors with claims ranging from Rs 17,001 to Rs 19,000, whose applications have been successfully validated. This information was disclosed in a statement released on Sebi’s website on Monday.
Consequently, all eligible investors will receive notifications through SMS, instructing them to submit their original PACL registration certificates, as per PTI report.
“The window for accepting original certificates shall remain open from October 1, 2023, to October 31, 2023,” the statement noted. Further, investors have been cautioned against parting with their original PACL registration certificates unless an SMS is received from the committee.
In December 2015, Sebi ordered the attachment of all assets of PACL and its promoters and directors for their failure to refund the money due to investors, PTI reported.
