PACL: Latest refund claim, last date announcement by SEBI - Read FULL TEXT here

According to the latest announcement made by markets regulator SEBI, deadline for PACL investors to submit claims has been extended till July 31. The deadline for submitting applications was to end on April 30. Now, investors of PACL can submit their applications seeking claims till July 31, with RM Lodha committee extending the deadline.

Here is the FULL TEXT of the announcement made by SEBI:-

"Extension of date for filing refund claims in the matter of PACL Ltd.

The Justice (Retd.) R.M. Lodha Committee (in the matter of PACL Ltd.) (the “Committee”) vide press release dated February 08, 2019 has communicated the initiation of the process of receiving online claim applications from investors having outstanding claims with PACL Ltd. The last date for submission of claim applications under the current refund process is April 30, 2019.

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."

In February this year, the Justice (Retd.) R.M. Lodha 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.