PACL case: Sebi panel asks investors to submit original registration certificates for refund

A high-powered Sebi committee on Tuesday asked investors in illegal schemes of PACL to submit their original registration certificates till June 30 only after receiving an SMS from the panel.

This is applicable only for those investors whose claim money is between Rs 10,001 and Rs 15,000 and whose applications have been verified.

”The window for accepting original certificates shall remain open from April 1, 2022 to June 30, 2022,” the Securities and Exchange Board of India (Sebi) said in a press release.

The markets regulator had set up a committee headed by former Chief Justice of India R M Lodha following a Supreme Court order to refund money to investors in the matter of PACL Group.

The panel is overseeing the process of disposing of properties to refund investors after verifying their genuineness. It has already initiated the process of refund in phases.

PACL, also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, 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.

In the press release, the Lodha Committee said it has ”decided to call for original PACL registration certificate from eligible investors with claims between Rs 10,001 and Rs 15,000, whose applications have been successfully verified”.

To this end, an SMS will be sent to the eligible investors asking them to submit original registration certificates.

PACL investors who receive SMS from the committee requiring submission of original certificates issued to them by PACL, will have to forward the same by registered or speed post to Sebi’s headquarter in Mumbai.

In December 2015, Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money due to investors.

Sebi had asked PACL as also its promoters and directors to refund the money in an order passed in August 2014. Also, the defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)