PACL Refund: When will your money be refunded? Will you get interest? SEBI answers claim questions
PACL Refund Online: Investors of PACL who are seeking claims from the company are submitting their applications to the panel headed by retired Justice R M Lodha. But, many applicants have two big questions to ask - When will their money be refunded? AND Will their money be refunded with interest? Now, Sebi on its website created for PACL refund has answered these questions.
Q: When will the money be refunded?
A: 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.
Q: Will money be refunded with interest?
A: Payment of interest is not envisaged at this stage.
PACL had illegally collected around Rs 60,000 crore from the public, mainly in the name of agriculture and real estate businesses.
The retired Justice R M Lodha committee was set up by markets regulator Sebi following a Supreme Court order for selling the properties of PACL and using the sale proceeds to refund the investors.
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. 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.
Regarding claim applications, the regulator said investors can access the website https://www.sebipaclrefund.co.in/
Further, Sebi cautioned investors against parting with their original PACL registration certificates without specific intimation received from the committee.
The last date for receipt of claim applications is April 30, 2019.
In a separate release, Sebi had said that only the committee is authorised to sell the properties directly or indirectly associated with PACL.
"Accordingly, it is clarified that the committee has not authorised any individual/entity to sell the properties of PACL Ltd, " SEBI said.
"It is also stated that any attempt by individuals/ entities to illegally and unauthorisedly take possession of the properties of PACL Ltd shall invite necessary action under law," the SEBI release noted.