PACL refund latest news for investors: Application status, error rectification alert! Important deadline update from Sebi

It's an important update from the Securities and Exchange Board of India (Sebi) for investors of PACL Limited. In a major relief to PACL investors, the markets regulator has extended the deadline to October 31 for investors of PACL Ltd, having claims of up to Rs 5,000, to check the status of their application and rectify errors in the form. Earlier, the deadline was July 31.

Now, the last date for checking the status of applications and rectification of errors has been extended to October 31, 2020, Sebi said in a statement.

The portal for investors to view status of their claim application has been operational from January 24.

Issuing a public notice - Facility to view status of deficiency in claim applications and making good those deficiencies for investors/applicants with claims between Rs. 5,000/-and Rs. 7,000/ - Sebi said, "The Justice (Retd.) R.M. Lodha Committee (the “Committee”) had,subsequent  to  making payment to 570,706 eligible investors of PACL Ltd. having claim amount upto Rs.5000/-,  initiated the process of payment to investors having claim amount between Rs. 5,000/-and Rs. 7,000/-during  the  period  March,  2020  to  April,  2020. Pursuant  to  the  same, refunds were  effected  in respect of 2,59,862 eligible applicants."

"Certain  applications having  claim  amount  between  Rs.  5,000/-and  Rs.  7,000/-could  not  be processed  further  on  account  of  one  or  more of  the deficiencies.In  this  connection,  the Committee has  decided  to provide  an  opportunity  to  all  investors/applicants  with  claims between  Rs.  5,000/-and  Rs.  7,000/-,  to  make  good  deficiencies  as  may  be  applicable  to  their claims, so as to enable their claims to be processed," Sebi added.

"The investors/applicants with claims between Rs. 5,000/-and Rs. 7,000/-are requested to check the  status  of  their  claim  applications  online  onwww.sebipaclrefund.co.inand  rectify  the deficiencies, if any.The portal will be operational from August 1, 2020to October 30, 2020," Sebi concluded.

PACL: All you need to know

PACL, which had raised money from 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 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 on August 22, 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.