PACL Refund: Don't have receipts? Will you get back your money? This is what SEBI said
According to markets regulator SEBI, PACL investors who are seeking claims from the company can submit their applications till April 30. The committee 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. PACL had illegally collected around Rs 60,000 crore from the public, mainly in the name of agriculture and real estate businesses.
Regarding claim applications, the regulator said investors can access the website https://www.sebipaclrefund.co.in/ to submit and process their refund claim amount application form. But, there are some investors who don't have any receipt of their investment. Will they get money in such cases? Here is the answer from SEBI:-
Q: Can an investor who does not possess any receipts or is in possession of only a few receipts or just the last receipt and/ or does not possess the bond certificate make a claim for refund? In which case, what would be the claim amount?
A: The Committee has not envisaged any payments against lost or misplaced bond certificate (s) and/ or receipt(s) at this stage
Earlier, the panel initiated the process of receipt of claim applications from PACL investors whose total outstanding amount was up to Rs 2,500. This process has been completed. As per SEBI statement, after verification, refunds were made in respect of claims found to be in order and the process has been completed. "The committee has now decided to receive claims from all investors having outstanding claims with PACL Ltd," SEBI said.
The last date for receipt of claim applications is April 30, 2019.
Further, Sebi has cautioned investors against parting with their original PACL registration certificates without specific intimation received from the committee. In a separate release, Sebi has said that only the committee is authorised to sell the properties directly or indirectly associated with PACL.