Around 2.1 million PACL investors get their money back, says Sebi

Nearly 21 lakh investors in PACL's illegal investment schemes, with claims of up to Rs 19,000, have received Rs 1,022 crore in refunds, markets regulator Sebi said on Thursday.

The regulator had found that PACL Ltd, which had raised money from the public in the name of agriculture and real estate businesses, collected more than Rs 60,000 crore through illegal collective investment schemes.

A panel headed by retired Justice RM Lodha had initiated the process of refunds in phases for investors, who had invested in PACL.

"As on date, the committee has successfully effected refunds in respect of a total number of 20,84,635 eligible applications with outstanding (principal) amount up to Rs 19,000 aggregating to Rs 1,021.84 crore," the statement noted.

In December 2015, the Securities and Exchange Board Board of India (Sebi) had ordered the attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money that was due to investors.

Sebi had asked PACL as well as its promoters and directors to refund the money in an order dated August 22, 2014.

The defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order.