19 lakh PACL investors get back Rs920 crore
It illegally raised over Rs60k cr from public for agri, realty businesses: Sebi
image for illustrative purpose
As on date, the committee has successfully effected refunds in respect of a total number of 19,61,690 eligible applications with outstanding (principal) amount up to Rs17,000 aggregating to Rs919.91 cr, the market regulator said in a statement
New Delhi: More than 19 lakh PACL investors with claims of up to Rs17,000 have received Rs920 crore in refunds, markets regulator Sebi said on Monday.
The regulator had found that PACL Ltd, which had raised money from the public in the name of agriculture and real estate businesses, collected more than Rs60,000 crore through illegal collective investment schemes (CISs) over 18 years. A panel headed by retired Justice RM Lodha had initiated the process of refunds in phases for investors, who had invested in PACL.
“As on date, the committee has successfully effected refunds in respect of a total number of 19,61,690 eligible applications with outstanding (principal) amount up to Rs17,000 aggregating to Rs919.91 crore,” according to a statement available on Sebi website.
The committee, in February, had called for original PACL certificates from investors whose outstanding (principal) amount with PACL was more than Rs15,000 and up to Rs17,000 in order to refund the money to them after verification of original certificates.
