PACL Refund Latest News 2022: Important update from SEBI for these investors - Top things to know

A high-powered Sebi committee on Tuesday asked investors in illegal schemes of PACL to submit their original registration certificates till June 30 only after receiving an SMS from the panel. This is applicable only for those investors whose claim money is between Rs 10,001 and Rs 15,000 and whose applications have been verified.

"The window for accepting original certificates shall remain open from April 1, 2022 to June 30, 2022," the Securities and Exchange Board of India (Sebi) said in a press release.
The markets regulator had set up a committee headed by former Chief Justice of India R M Lodha following a Supreme Court order to refund money to investors in the matter of PACL Group.

The panel is overseeing the process of disposing of properties to refund investors after verifying their genuineness. It has already initiated the process of refund in phases.

PACL, also known as Pearl Group, which 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 (CIS) over a period of 18 years.

In the press release, the Lodha Committee said it has "decided to call for original PACL registration certificate from eligible investors with claims between Rs 10,001 and Rs 15,000, whose applications have been successfully verified".

To this end, an SMS will be sent to the eligible investors asking them to submit original registration certificates.

PACL investors who receive SMS from the committee requiring submission of original certificates issued to them by PACL, will have to forward the same by registered or speed post to Sebi's headquarter in Mumbai.

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

Sebi had asked PACL as also its promoters and directors to refund the money in an order passed in August 2014. Also, the defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order. 

FULL DETAILS:- PACL Refund Latest News 2022: Top things to know 

PUBLIC NOTICE

Submission of Original Certificatesfor Refund

1

The Justice (Retd.) R. M. Lodha Committee (in the matter of PACL)(“the Committee”) has decided to call for original PACL Registration Certificate from eligible investors with claims between Rs. 10,001/-and Rs. 15,000/-whose applications have been successfully verified. To this end, SMS shall be sent to the eligible investors asking them to submit original PACL Registration Certificates

2

PACL  Investors  who  receive  SMS  from  the  Committee  requiring  submission  of  Original Certificates issued to them by PACL, are requested to forward the same by Registered Post/ Speed Post to:  

SEBI Bhawan, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex,Bandra (East), Mumbai –400051

3

Investors  should send only original  PACL  Certificates in the envelope and Certificate Number  should  be  written  on  top  of  the  envelope. Only  1  (one)  Original PACL  certificate should be enclosed per envelope.

4 

The window for accepting original certificates shall remainopen from April 01, 2022to June 30, 2022.

5

Investor should ensure thatoriginal PACL Registration Certificates should reach the address referred to in para 2 on or before 5:00 pm of June 30, 2022.

6

Further,  investors  are  cautioned  against  parting  with  their  original  PACL  Registration Certificates  unless SMS is received  from  the  Committee, requiring submission  of  Original Certificates. 

Nodal Officer-cum-Secretary,Justice (Retd.) R. M. Lodha Committee (In the matter of PACL Ltd.)