PACL-SEBI refund news 2020: The process of refunds for investors of PACL having claim amount up to Rs 5,000 was initiated by a panel headed by retired Justice R M Lodha.
PACL-SEBI refund news 2020: PACL investors/depositors with claims up to Rs 5000 can check the status of their claim applications, and rectify errors, online on https://www.sebipaclrefund.co.in from January 24, 2020, SEBI said on Wednesday (January 15, 2020). The facility to check the status of claim status will be available till July 31, 2020. The facility will help the markets regulator to initiate the process of refund on such applications.
The Securities and Exchange Board of India (SEBI) said in a statement on January 15, “The Justice (Retd.) R.M. Lodha Committee (the “Committee”) had initiated the process of refunds for investors of PACL having claim amount upto Rs. 5,000/- and till date 3,81,603 such investors/applicants have been paid. However, certain applications could not be processed further on account of one or more deficiencies. The Committee had vide press release dated December 03, 2019 informed that an opportunity will be provided to all investors/applicants with claims upto Rs. 5,000/-, 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.”
PACL (Pearl Agrotech Corporation Limited) had raised money from the public in the name of agriculture and real estate businesses. SEBI found that PACL had collected over Rs 60,000 crore through illegal collective investment schemes (CIS) over 18 years.
The process of refunds for investors of PACL having claim amount up to Rs 5,000 was initiated by a panel headed by retired Justice R M Lodha.
According to the regulator, 3.81 lakh such investors have been paid till now. However, some applications were not processed further because of errors
In December 2019, SEBI had announced that investors whose applications were rejected because of errors will be provided an opportunity for re-consideration.
Check status at https://www.sebipaclrefund.co.in
“Accordingly, investors/applicants with claims upto Rs. 5,000/- are requested to check the status of their claim applications online on https://www.sebipaclrefund.co.in and rectify the deficiencies, if any. The portal will be operational from January 24, 2020. The last date for checking the status of claim applications and/or rectification of deficiencies will be July 31, 2020,” SEBI said.
SEBI had ordered attachment of all assets of PACL and its nine promoters and directors in December 2015 because of their failure to refund the money due to investors.