PACL: Good news! Big relief for investors seeking money refund - SEBI takes this decision
In a major relief to investors of PACL, the RM Lodha committee has extended the deadline for submitting applications to seek claims till July 31. Earlier, the deadline for submitting applications was to end on April 30.
In a major relief to investors of PACL, the RM Lodha committee has extended the deadline for submitting applications to seek claims till July 31. Earlier, the deadline for submitting applications was to end on April 30. "However, in view of representations received, the committee has decided to extend the last date of receipt of applications from April 30, 2019 to July 31, 2019," Securities and Exchange Board of India (Sebi) said in a release.
In February this year, the committee had decided to receive claims from all investors having outstanding claims with PACL after it completed the process of refunding to the investors whose total outstanding amount was up to Rs 2,500. The committee headed by retired Justice R M Lodha was set up by Sebi following a Supreme Court order for selling the properties of PACL and using the sale proceeds to refund the investors.
The ruling came after it was found that PACL had illegally collected around Rs 60,000 crore from the public, mainly in the name of agriculture and real estate businesses and the firm failed to refund the investors.
PACL investors who are seeking refund can watch this demo video for making claims. With the help of this demo video, you can easily understand step by step refund application process through the online portal.
WATCH: Demo video for making refund claims by investors to understand step by step application process through the online portal.
Moreover, Sebi has cautioned investors against parting with their original PACL registration certificates without specific intimation received from the committee.
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