The Supreme Court restrained Pearls Agrotech Corporation Ltd (PACL) and its promoters from disposing of its properties both in India and abroad on Monday after SEBI alleged that the company has siphoned off $98 million in Australia.
PACL Ltd and its promoters and directors, including Nirmal Singh Bhangoo, have been embroiled in a legal battle for their alleged failure to refund Rs 49,100 cr to investors, an amount collected through chit funds schemes.
A bench comprising Justices AR Dave and L Nageshwara Rao also issued notice to the Centre and sought its response on a plea of investors seeking the court’s intervention against alleged siphoning off of funds by the PACL group.
A plea filed by investors group, Janlok Prathishtan Sanghata Committee has also sought the government’s help in bringing overseas assets of the group under control, liquidate these and get refund of money to its 5.85 crore investors across the country.
Advocate Pratap Venugopal, appearing for Security and Exchange Board of India (SEBI), sought a direction from the Supreme Court to the central government for restraining PACL from selling its overseas assets.