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PACL Refund Latest News 2020: Waiting for money? Important information for you
Are you among those who invested money in PACL, and now waiting for the refund amount to reflect in your account? Here is an important development for you!
Are you among those who invested money in PACL, and now waiting for the refund amount to reflect in your account? Here is an important development for you - More than 8 lakh PACL investors have got their money back. According to an official statement by markets regulator Sebi, a total of Rs 205 crore have been paid to over 8 lakh investors of PACL Ltd, with claims of up to Rs 7,000.
FULL TEXT of SEBI's statement on PACL refund
"Sub: Status of payment to investors/ applicant of PACL Ltd
The Justice (Retd.) R.M. Lodha Committee (in the matter of PACL Ltd.) had initiated the process of payment to investors in PACL Ltd. As on date, payment aggregating to Rs 204.85 crores has been effected to 8,31,018investors, with claims upto Rs. 7,000/-.
Mumbai April 15, 2020"
PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years.
A panel headed by retired Justice R M Lodha initiated the process of refunds in two phases -- during the period January 2, 2018, to March 31, 2018, and February 8, 2019 to July 31, 2019, -- for investors, who invested money in PACL.
In December last year, the regulator said 2,77,544 investors having a claim amount up to Rs 5,000 have been paid under the second refund process. In the first phase, refunds were effected in respect of 1,89,103 investors having claim amount up to Rs 2,500.
In December 2015, Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money which is due to investors.
Sebi had asked PACL as also its promoters and directors to refund the money in an order dated August 22, 2014. The defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order.
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