Market regulator SEBI warns investors against dealing in PACL properties
The latest advisory by SEBI comes after it received complaints or information that some individuals or entities are attempting to sell such properties.Updated: Jan 24, 2020 19:35 IST
Securities and Exchange Board of India (SEBI) has cautioned investors against buying as well as dealing with any properties wherein PACL Ltd and any of its associates or subsidiaries have any interests, directly or indirectly.
Pearls Agrotech Corporation Limited (PACL), which had raised money from the public in the name of agriculture and real estate businesses, was found by market regulator SEBI to have summed up over Rs 60,000 crore via illegal collective investment schemes in 18 years.
The latest advisory by SEBI comes after it received complaints or information that some individuals or entities are attempting to sell such properties.
The regulator has requested people to rely only on the public notices and press release published by the committee or SEBI which are available on the regulator’s website.
SEBI further said that only the committee headed by retired Justice R M Lodha, constituted in 2016, is authorised to sell the properties of PACL or those where the company has rights and interests.
According to news agency PTI, the R M Lodha headed committee initiated the process of refunds for PACL investors having claim amount of up to Rs 5,000 and so far over 3.81 lakh such investors have been paid.
SEBI, in December 2015, had ordered attachments of all the assets of PACL as well as nine promoters and directors for being unable to return the money due to investors.
In August 2014, SEBI had asked PACL as well as its promoters and directors to refund the money. It also directed the defaulters to stop all the schemes and return the money of investors within three months from the date when the order had been issued.
SEBI in another public notice said that on recommendation of Justice (Retd.) R M Lodhacommitee, the Supreme Court has directed all the grievances or objections related to properties of PACL Limited would be taken up by Retired District Judge R S Virk.