Also, the company said it would approach Securities Appellate Tribunal (SAT) against Sebi's order that directed immediate closure of unauthorised collective investment schemes (CIS) run by the company and refund of investors' money within three months.
The Securities and Exchange Board of India (Sebi), last week, had ordered to return nearly Rs 50,000 crore raised from investors after finding that the company had failed to register its investment scheme.
In the wake of the recent Sebi order, some media houses have made allegations with regards to us being a 'fly-by-night operator' or a 'ponzi scheme' company. We would like to re-iterate that these allegations are completely baseless and untrue, PACL said in a statement.
We are a law abiding, ethical and professionally run company, facing scrutiny on account of certain business compliance issues. We have complied with all regulatory requirements and are fully cooperating with investigating agencies by providing every information that has been sought from us, it said.
The company in its submission before Sebi said it had offered to refund investors' money by liquidating our assets in a planned manner, a proposal which has been rejected by Sebi bench.
We assure our customers that their investments are safe and their interests would not be jeopardised, it added.
As per Sebi's 92-page order, the total amount mobilised by the company, by its own admission comes to a whopping Rs 49,100 crore and this figure could have been even more if PACL would have provided the details of the funds mobilised between April 2012 and February 2013.
The number of customers through which the money could have been collected is estimated at around 5.85 crore, which includes the customers who said to have been allotted land and who are yet to be allotted the land, Sebi said.
This is the biggest ever amount, as also the largest number of investors, so far involved in a case found to be unauthorised 'collective investment scheme' by regulator Sebi.
The case dates back to the 1998 when Sebi first initiated action against the company but it got stuck in legal hurdles. The case later went to courts, while the Supreme Court passed an order in February last year directing Sebi to determine whether the business of PACL fell within the purview of CIS or not, and accordingly take further action in accordance with the law.