The investors or applicants whose claim applications were found deficient have been asked to expedite and rectify the deficiencies.
The need for rectification arose as there were deficiencies and required more details to be furnished.
If you have a claim amount up to Rs 7,000 from PACL and are waiting for a refund even after applying for it, this news is for you. There have been certain deficiencies in the PACL application form submitted by some depositors and they need to be rectified before becoming eligible for the claim. Investors or applicants – with claims up to Rs. 7,000 – for making good the deficiencies in their claims, if any, need to act fast. The last date for accepting such rectified applications is October 31, 2020.
The need for rectification arose as there were deficiencies and required more details to be furnished. The investors or applicants with claims up to Rs.7,000 whose claim applications were found deficient have been asked to expedite and rectify the deficiencies, if any, in their applications before October 31, 2020.
The Justice (Retd.) R.M. Lodha Committee on January 15, 2020 provided an opportunity to all investors/applicants with claims up to Rs 5000 whose claim applications were found deficient, to make good deficiencies as may be applicable to their claims, so as to enable their claims to be processed. Accordingly, web portal providing such facility was made operational on January 24, 2020.
The last date for accepting such rectified application was July 31, 2020. Thereafter, the Committee on July 31, 2020 extended the last date to October 31, 2020.
The Committee on July 21, 2020 also provided a similar facility to the investors with claim amount between Rs 5001 and Rs 7000 and accordingly, the web-portal was made operational from August 01, 2020.
Earlier, SEBI had ordered attachment of all assets of PACL (Pearl Agrotech Corporation Limited) and its nine promoters and directors in December 2015 because of their failure to refund the money due to investors. Subsequently, for the process of refunds to investors of PACL India limited, a Committee headed by retired Justice R M Lodha was set-up.