The PACL refund was initiated by a committee led by retired Judge RM Lodha to gradually return investor funds. In February 2019, the committee asked PACL investors to submit an online application to get their money back.
New Delhi Capital Markets Authority Sebi said Tuesday that more than 12.7 million PACL investors had their money back and, according to the regulator, investors who claimed up to Rs 10,000 had been returned to them after review.
SEBI found in its investigation that PACL Ltd raised more than Rs 60 billion from investors on behalf of the agriculture and real estate businesses. The company raised this amount through the Illegal Collective Investment Plan (CIS). in 18 years.
A committee led by retired judge RM Lodha had started the process to gradually return the funds to investors. In February 2019, the committee asked PACL investors to apply online to get their money back. Sebi said in a statement that before March 31. By 2021, the committee had returned a total of 438.34 rupees to 12,70,849 eligible applicants who claimed up to 10,000 rupees.
The payment process began after the documents were uploaded and verified by the investors. The committee also offered investors several opportunities to correct inconsistencies in the motions. The last date for this investor facility was March 31, 2021, Sebi recently said in a statement. There is currently no way to fix bugs in claims and investors may have to wait for the committee to be notified.
Specifically, on Aug. 22, 2014, the regulator ordered PACL, its sponsors and directors to return the money to investors, asking them to close the systems and return the money to investors within three months. Assets owned by PACL, its sponsors and directors for failing to return the money to investors.