There have been deficiencies in the PACL application form submitted by some depositors and they need to be rectified before becoming eligible for the claim.
PACL News Today: If you have a claim amount between Rs 5,000 and Rs 7,000 from PACL and 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. SEBI on July 21 had issued a public notice on the process to rectify the deficiencies.
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.
The Justice (Retd.) R.M. Lodha Committee had, subsequent to making payment to 570,706 eligible investors of PACL Ltd. having claim amount up to Rs.5000 initiated the process of payment to investors having claim amount between Rs. 5,000 and Rs. 7,000 during the period of March 2020 to April 2020.
Since then, PACL refunds were effected in respect of 2,59,862 eligible applicants. However, the Committee found that certain applications having their claim between Rs 5000 and Rs 7000 could not be processed further on account of one or more of the deficiencies.
In this connection, the Committee has decided to provide an opportunity to all depositors, investors or applicants with a claim between Rs 5000 and Rs 7000 to make good deficiencies as may be applicable to their claims, so as to enable their claims to be processed.
The investors/applicants with claim between Rs 5000 and Rs 7000 have to check the status of their claim applications online on Sebi pacl refund website and rectify the deficiencies if any. The portal will be operational from August 1, 2020 to October 30, 2020.
In order to avoid getting cheated, SEBI had also communicated that the depositors are advised and cautioned not to share any information about their deposit with PACL with any other entity other than the Committee set-up for this task.