"Sebi has unfortunately failed to recognize the submissions of the company that it can't be treated like a CIS. The company would now appeal this order before the Securities Appellate Tribunal," PACL said in a statement after the Sebi order.
"PACL limited, in its submission to the Sebi bench had submitted that it is not running a CIS.
"Further, the company has sufficient asset holdings vis-a-vis the money raised for its real estate business," the company said.
"We assure our customers that their investments are safe & their interests would not be jeopardized," the company added.
Sebi in its order earlier this evening asked PACL and its promoters and directors to refund investors' money within 3 months and immediately stop raising money from all their collective investment schemes, after finding them guilty of raising close to Rs 50,000 crore through unauthorised CIS activities.