PACL Refund: How to calculate claim amount?
After the Securities and Exchange Board of India (Sebi) extended the deadline for filing claims of PACL till July 31, investors who might have missed the last date are submitting claims.
After the Securities and Exchange Board of India (Sebi) extended the deadline for filing claims of PACL till July 31, investors who might have missed the last date are submitting claims. But, some investors seeking refund from PACL are confused about how to calculate the claim amount to be entered in refund application form. So, here is the official answer from SEBI:-
Q: How is the claim amount that is to be entered in the claim application form to be calculated? Can an investor input the maturity amount as the claim amount?
SEBI: The claim amount is the total amount that is derived upon adding the amounts as appearing in all the outstanding receipts of payment with respect to a particular PACL Registration Number. The claim amount so entered by the investor in the claim application form is required to be supported by uploading the scanned copy of the corresponding certificate issued by PACL for the said PACL Registration number along with the scanned copy (ies) of the corresponding outstanding receipt (s) of payment. For greater clarity, please refer to the refund video. Further, the originals of the scanned copies uploaded should be available with the investor. It is further clarified that the maturity amount is not the claim amount.
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Now, 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.
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. Justice R M Lodha, investors of PACL,