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PACL investors stage protest in Lucknow, want their money back
A large number of investors of Public Agrotech Corporation Limited (PACL) from across UP turned up at the Securities and Exchange Board of India’s (SEBI) office
A large number of investors of Public Agrotech Corporation Limited (PACL) from across UP turned up at the Securities and Exchange Board of India’s (SEBI) office in Lucknow on Thursday demanding refund of their money as promised by the market regulator.
The PACL is a Punjab-based company, which was banned by the SEBI on August 22, 2014, for running a Ponzi scheme and illegally collecting Rs 49,100 crore from the public.
The company had promised to double people’s investment in five years, among other assurances.
Around two crore people from Uttar Pradesh invested in the company. From Kanpur alone, there were over six lakh investors.
On Thursday, investors from Lucknow, Kanpur, Faizabad, Gorakhpur, Bahraich, Amethi, Varanasi, Sultanpur and several other districts assembled at the SEBI’s office in Gomti Nagar.
“The SEBI had promised to start refunding money to the investors directly into their accounts. From February 8 to July 31 this year, it had invited online applications. But only 10% of the investors have been able to apply online for refund,” said Vikas Tripathi from Kanpur.
Tripathi was an authorised agent of the PACL and around 10,000 people invested in the company through him.
“We want SEBI to extend the deadline for submitting online applications. Till date it (SEBI) has not communicated that how it plans to return the money to investors,” added Tripathi.
Mohammad Sultan, Rashid Hussain and Siraj Ahmad among others came all the way from Shukla Bazar, Amethi, to take part in the agitation.
Like Vikas Tripathi of Kanpur, Sultan was also an authorised agent of the company.
“People of Shukla Bazar invested in the company on my assurance. Now, they are after me seeking refund. All agents were directly in contact with investors. Now, they are the ones who are running from pillar to post to get the refund,” said Sultan.
Late in the evening, the agitation ended on the assurance of the SEBI officials that from October the refund process would start for those who have submitted online application to the SEBI.
The Supreme Court has appointed Justice (retd) RM Lodha to oversee sale of PACL’s assets across the country and refund of Rs 49,100 crore collected from over 56 crore investors.
