Cautioning investors regarding PACL’s illegal money-pooling case, the Securities and Exchange Board of India (Sebi) advised them against dealing with any property where the group and its promoters have interests. Sebi, in a statement, said only the committee headed by Justice RM Lodha is authorised to sell the properties of PACL, or properties where PACL has interest or rights either directly or indirectly.
The markets regulator further said that the committee has further received complaints from investors that certain individuals are collecting money/cheques from individual misrepresenting authorisation from the committee. Sebi said that the committee has not authorised anyone to collect money by way of cheques or any other form. Sebi requested investors to rely on press releases and notices on Sebi’s website and auctionpacl.com for status reports regarding sale of properties and refund.
Further, Sebi said the process of refund would be initiated upon realisation of a sizeable amount by the Committee. In such a case, investors would be required to file their claims only in the prescribed format upon specific notification by the committee. SEBI further asked the investors to retain their documents for themselves and not to part with them for any reason whatsoever.
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PACL had collected money from investors across the country until it was stopped by a Sebi order in September 2014.The order prohibited PACL from raising any more public money. On December 11, 2015 the regulator initiated recovery proceedings against PACL and its top officials. As directed by the Supreme Court, a three-member Sebi panel led by justice Lodha on September 30, 2016, initiated the process to auction PACL’s properties in 192 districts.