New Delhi, May 27
Markets watchdog Sebi on Thursday ordered attachment of properties associated to PACL in an unlawful fundraising case as half of efforts to recover hundreds of crores of investors money.
The properties being hooked up are land parcels located at Banur in Punjab, the Securities and Exchange Board of India (Sebi) mentioned in a discover.
The regulator had discovered that PACL Ltd, which had raised money from the general public in the title of agriculture and actual property companies, collected greater than Rs 60,000 crore via unlawful collective funding schemes (CISs) over 18 years.
A committee headed by retired Justice RM Lodha initiated the method of refunds in phases for investors, who had invested in PACL.
The committee has efficiently effected refunds to greater than 12.7 lakh investors, with claims up to Rs 10,000, aggregating to Rs 438.34 crore as of March 2021.
The attachment order comes after the Department of Industries & Commerce, Government of Punjab, knowledgeable the committee in regards to the properties belonging to PACL. Therefore, the committee directed Sebi’s restoration officer to connect these properties.
Consequently, the regulator, in an attachment discover on Thursday, hooked up these properties and prohibited all of the individuals from disposing of, transferring, or alienating these property, as per the discover.
The regulator has prohibited entities involved “from taking any profit below such disposal, switch, alienation or cost in respect of the properties… which stands hooked up in execution of restoration certificates” Further, they’ve been directed to furnish full particulars of all of the moveable and immoveable properties held by them, and expenses if any, in a prescribed format, together with unique title deeds pertaining to the 4 properties inside two weeks.
Earlier in December 2015, Sebi had hooked up numerous financial institution, Demat accounts, and mutual fund holdings of PACL and its promoters in addition to administrators after they failed to pay dues.
PACL and its promoters, in addition to administrators, have been requested by Sebi to refund the investors’ money in an order handed in August 2014. The defaulters have been directed to wind up the schemes and refund money to the investors inside three months from the date of the order. — PTI