Moving ahead with its efforts to recover funds worth Rs 60,000 crore in the PACL case, Sebi has decided to put on sale as many as 28 vehicles owned by the company.
PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over a period of 18 years.
Pursuant to a Supreme Court order, Sebi had set up a high-level committee to ensure that refunds are made to the genuine investors after sale of attached PACL assets including vehicles.
The panel, chaired by former Chief Justice of India R M Lodha, is overseeing the process of disposing of assets to refund money to investors after verifying their genuineness.
"The PACL committee has decided to auction 28 vehicles belonging to PACL," as per a public notice issued by the Securities and Exchange Board of India (Sebi).
The committee has recommended that the vehicles should be attached by the markets regulator.
In December 2015, Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund more than Rs 60,000 crore due to investors -- the biggest amount for any such case.
The order came after PACL failed to refund investor's money.
PACL had raised Rs 49,100 crore from nearly 5 crore investors that it needs to refund along with promised returns, interest payout and other charges, which took the total amount due to over Rs 55,000 crore.
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