 "Sebi")
Markets regulator Sebi today extended the deadline till March 31 for 'certain' investors of PACL Group to submit their claims for refund of money invested in the company's illegal investment schemes.
The last date has been extended after taking into consideration, representations from various quarters as the initial deadline ended on February 28, Sebi said in a statement.
This is one of the major cases after Sahara, where Sebi had invited refund claims from affected investors under a court order.
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PACL, which had raised money from public in the name of agriculture and real estate businesses, was found to have collected more than Rs 600 billion through illegal collective investment schemes (CIS) over a period of 18 years by Sebi.
"The committee has decided to extend the last date of receipt of applications from February 28 to March 31. It is, however, emphasised that all other terms and conditions of the present refund process ...shall remain unchanged," the regulator said.
On January 2, the Securities and Exchange Board of India (Sebi) had asked only those investors whose total outstanding amount (principal) with PACL is up to Rs 2,500 (per investor) to submit their claims for refund of money invested in the company's illegal investment schemes.
The Supreme Court-appointed R M Lodha committee -- which is overseeing disposal of PACL assets so as to repay the affected investors-- has initiated the process of refund to the investors with the money so far realised by it.
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 which are due to investors.
Sebi had asked them 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.
