Sebi has told investors of PACL Ltd that if they have claimed up to Rs 5,000, then check the status of their application and if there is any error, remove it by 31 July so that the refund process can be initiated. .
new Delhi. The Securities and Exchange Board of India (Sebi) on Tuesday told investors of PACL Ltd that if they have claimed up to Rs 5,000, then check the status of their application and if there is any mistake, remove it by 31 July. Take it so that the refund process can be started. The online portal has been in operation since January 24 to check the status of the claim application.
The market regulator has said in its statement that the last date to check the status of the application and rectify any mistake is 31 July 2020. PACL raised money from investors in the name of agriculture and real estate business. SEBI found that during the 18-year period, the company had raised more than Rs 60,000 crore through the Eligal Collective Investment Scheme.
A committee was formed under the chairmanship of retired Justice RM Lodha to manage the refunds of PACL investors. SEBI had said in January that refunds of claims up to Rs 5000 from over 3.81 lakh investors had been paid. However, some applications could not be processed due to some mistakes in the refund application. The defaulters were instructed to close the schemes within three months from the date of the order and return the money to the investors.