PACL India Limited Latest News: Important clarification for investors! Lodha Committee says this - FULL TEXT

In a major development in the matter of PACL, the high-powered Lodha Committee, looking into refunds for the investors, has issued an important clarification. Lodha Committee has clarified that PACL did not make any offer to pay Rs 20,000 crore in 3 years. The important clarification came after a video was circulated on WhatsApp about the PACL group having offered to refund the money. PACL Group had collected more than Rs 60,000 crore from gullible investors through illegal collective investment schemes.

PACL had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) 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 had invested money in PACL.

In a press release circulated by the Securities and Exchange Board of India (Sebi), the Lodha Committee said it has come to know about a video being circulated on WhatsApp containing a clipping from a business channel which states that PACL has made an offer to pay Rs 20,000 crore in three years by sale of properties and that the committee would revert with a counter offer by June 21.

FULL TEXT of clarification issued

"PR No.30/2020

In the matter of PACL Ltd. It has been brought to the notice of the Justice (Retd.) R. M. Lodha Committee (In the matter of PACL Ltd.), that a video is currently being circulated on WhatsApp containing a clipping from a business channel which states that PACL Ltd. has made an offer to pay  Rs.  20,000/-crores in three years  by  sale  of  properties and that the  Committee would revert with a counter offer by 21st June.

The Committee categorically states that no such offer of  PACL   Ltd. has been currently made to or countered by the Committee.

Mumbai
May 26, 2020"