A panel headed by retired Justice RM Lodha had initiated the method of refunds in phases for buyers, who had invested in PACL. (Representative picture)
Sebi had requested PACL in addition to its promoters and administrators to refund the cash in an order dated August 22, 2014.
PACL Refund: Nearly 21 lakh buyers in PACL’s unlawful funding schemes, with claims of as much as Rs 19,000, have obtained Rs 1,022 crore in refunds, markets regulator Sebi stated on Thursday.
The regulator had discovered that PACL Ltd, which had raised cash from the general public within the identify of agriculture and actual property companies, collected greater than Rs 60,000 crore by means of unlawful collective funding schemes.
A panel headed by retired Justice RM Lodha had initiated the method of refunds in phases for buyers, who had invested in PACL.
“As on date, the committee has successfully effected refunds in respect of a total number of 20,84,635 eligible applications with outstanding (principal) amount up to Rs 19,000 aggregating to Rs 1,021.84 crore,” the assertion famous.
In December 2015, the Securities and Exchange Board Board of India (Sebi) had ordered the attachment of all belongings of PACL and its 9 promoters and administrators for his or her failure to refund the cash that was because of buyers.
Sebi had requested PACL in addition to its promoters and administrators to refund the cash in an order dated August 22, 2014.
The defaulters have been directed to wind up the schemes and refund cash to the buyers inside three months from the date of the order.
