Over 1,800 allottees of Pearl City in Sector 100 and Sector 104, SAS Nagar, are in for further trouble as Justice RM Lodha committee — a Supreme Court appointed panel to work on steps to return money to duped investors — has asked them to prove ownership of plots with a rider that the allotment letters issued by the Pearl Group will not be considered as legal documents. Only 226 allottees have registries in their name.
This means that over Rs 1,500 crore of allottees in Sectors 100 and 104 are at stake. These sectors do not have sewerage connections, internal roads and streetlights. Sector 100 has no streetlights. Pearls City is a project of PACL India Limited has run into rough weather after its chairman-cum-managing director (CMD) Nirmal Singh Bhangoo was booked by the CBI in a Rs 45,000-crore ponzi scam. The allottees are considering moving the Supreme Court and they plan to hold a meeting tomorrow.
What comes as a major setback to the allottees the refusal of GMADA to take over the project and carry out development. Sources claim GMADA had told the committee that there are only 46 houses in Sector 100 and another 100 in sector 104. For the rest, it claimed to have no record.
“Justice Lodha committee in a meeting held with GMADA officials and allottees has asked allottees to prove that they are owners of the land. So only about 226 allottees who have registry in their name while the rest will have to struggle to prove their ownership. Lodha committee has categorically declined to accept any document of Pearl group,” said Kulbeer Singh Sidhu, president, Pearl City Mohali Residents’ Welfare Association
“We had submitted a representation to the committee to hand over the project to GMADA but GMADA had refused to take over the project saying that their role is limited only to external developments,” added Sidhu.
GMADA additional chief administrator Sukhjit Pal Singh, said, “We had a meeting where the committee asked us about the project and our role with regards to the project. We are now to send few documents sought by the committee by next week.”
Request to de-freeze maintenance accounts turned down
What comes as another setback to the residents is turning down of the request of the allottees to de-freeze the maintenance account, so that the maintenance can be carried out. “The electricity bills, water have to be paid but the committee refused to defreeze the account. If these bills are not paid the residents will lose water and power connection,” said Jaspal Singh, general secretary, Pearl City Mohali Residents’ Welfare Association.
Investors charge at Pearls Group chairman outside Bathinda court
Bathinda: Scammed investors charged at Pearls Group chairman Nirmal Singh Bhangoo and three others outside the district courts on Friday here after a hearing. Judicial magistrate (first class) Randeep Kumar remanded Rs 45,000-crore-Ponzi-scheme accused Bhangoo, Sukhdev Singh, Gurmeet Singh, and Subrata Bhattacharya in three days of police custody in a local cheating case after Bathinda police brought them on production warrants from Delhi state, which had even sent an escort team along. Bhangoo is chairman-cum-managing director of Pearls Golden Forest (PGF) and Pearls Agrotech Corporation Limited (PACL); while Sukhdev Singh is MD of PACL; and Gurmeet Singh and Bhattacharya are group directors.