PACL investors request Sebi chief to expedite refund process

A group of PACL investors today met markets regulator Sebi Chairman Ajay Tyagi and requested him to expedite the refund process.

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.

In a statement, the markets regulator said that a group of investors of PACL under the banner of Janlok Pratishthan met Tyagi and other Sebi officials at its head office here today.

"The group of investors requested that the process of refund be expedited," Sebi noted.
 

Further, the regulator was apprised of the developments related to PACL and also the refund process initiated by the Supreme Court-appointed R M Lodha committee, which is overseeing disposal of PACL assets so as to repay the affected investors.

The committee has submitted two status reports before the Supreme Court elaborating the work done by it in furtherance of the mandate provided to the panel, the regulator informed the group of investors.

It has initiated the process of refund to the investors of PACL whose total outstanding amount with PACL is up to Rs 2,500, the regulator noted.

For greater clarity on submitting refund applications, two demo videos in Hindi and English have been made available, which provide step by step assistance to the investors for applying for refund using SMS or web-portal, Sebi told the investors' group.

Further, a list of frequently asked questions with answers along with a summary of the refund application process in four simple steps has been provided on Sebi's website to assist the investors in filing their claim applications, it added.

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 is due to investors.

Sebi had asked PACL as also 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.