sebi: PACL case: Sebi panel asks investors to rectify errors in claim applications by Oct 31

New Delhi: A high-powered committee, which is looking into refunds for PACL investors, on Thursday asked investors having claims of up to Rs 7,000 to rectify errors in their application forms by October 31. A portal has been made operational for such investors to view status of their claim applications.

PACL, which had raised money from public in the name of agriculture and real estate business, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.

A panel, headed by retired Justice R M Lodha, has been set up to manage refunds for investors who invested money in PACL.

In July, the committee had provided a facility to investors with claim amount between Rs 5,001 and Rs 7,000 to rectify errors in their application forms and accordingly, the web-portal was made operational from August 1.

The last date for accepting such rectified application has been fixed as October 31.

In a press release circulated by markets regulator Sebi on Thursday, the Lodha panel said, “Investors or applicants with claims upto Rs 7,000-whose claim applications were found deficient, are again requested to expedite and rectify the deficiencies, if any, in their applications before October 31, 2020”.

The panel has successfully effected refunds to the tune of over Rs 268 crore to over 9.71 lakh investors.

In December 2015, Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund investors’ money.

In an order in August 2014, Sebi had asked PACL, its promoters and directors to refund the money.

The defaulters were directed to wind up the schemes and refund money to investors within three months from the date of the order.

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