In a major relief to investors of PACL and Pearls chit fund scam, capital market regulator Securities and Exchange Board of India (SEBI) has decided to allow investors to file outstanding claims with PACL.
Cheat and fund company PACL had illegally collected around Rs 60,000 crore from the public, mainly in the name of buying the land on the behalf of investors.
Following the recommendation of Justice RM Lodha Committee, SEBI has allowed investors to file claims for PACL. The last date for receipt of claim applications is April 30, 2019.
At the first instance, the regulator had decided to receive claims from such investors whose total outstanding amount (Principal) with PACL was up to Rs 2,500. The Sebi has now decided to receive claims from all investors having outstanding claims with PACL Ltd.
What is Justice (Retd.) R.M. Lodha Committee for PACL?
The Justice (Retd.) R.M. Lodha Committee (in the matter of PACL) is a Committee constituted by SEBI pursuant to the order dated February 02, 2016 of the Hon'ble Supreme Court of India in Subrata Bhattacharya V. Securities and Exchange Board of India and other connected matters under the chairmanship of Justice (Retd) R.M. Lodha for selling the properties of PACL Ltd, and using the sale proceeds to refund the investors who have invested their money in PACL Ltd.
How to apply for PACL claim?
To make it even easier for investors, Sebi has dedicated a separate window for submission of claim applications. The regulator has also released a demo video to guide investor step by step for submitting claim applications.
List of documents required to claim PACL refund online
Sebi has advised investors to send the following details by way of an SMS at 562632 or by uploading the same on the website.
In case of any queries related to claim applications, investors can contact the helpline number 022 6121 6966.
Edited by Chitranjan Kumar
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