PACL: When will investors' money be refunded? Will they also get interest?
PACL REFUND: Many PACL investors want to know when will their money be refunded? Will money be refunded with interest? So, here is the answer from markets regulator SEBI:
Investors of PACL can submit their applications seeking claims till July 31, with R M Lodha committee extending the deadline. 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 on Friday.
But, still, many PACL investors want to know when will their money be refunded? Will money be refunded with interest? So, here is the answer from markets regulator SEBI:
When will the money be refunded? Will money be refunded with interest?
The decision of refund shall be taken by the Committee after verifying the claims made by the applicant investor(s). The Committee will refund the amount(s) invested, depending upon the corpus available with the Committee, on the basis to be decided by the Committee. Payment of interest is not envisaged at this stage.
In February this year, the committee 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.