More than 19 lakh PACL investors with claims of up to Rs 17,000 have received Rs 920 crore in refunds, markets regulator SEBI said on Monday.
A panel headed by retired Justice RM Lodha had initiated the process of refunds in phases for investors, who had invested in PACL
More than 19 lakh PACL investors with claims of up to Rs 17,000 have received Rs 920 crore in refunds, markets regulator SEBI said on Monday.
The regulator had found that PACL Ltd, which had raised money from the public in the name of agriculture and real estate businesses, collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over 18 years.
A panel headed by retired Justice RM Lodha had initiated the process of refunds in phases for investors, who had invested in PACL.
"As on date, the committee has successfully effected refunds in respect of a total number of 19,61,690 eligible applications with outstanding (principal) amount up to Rs 17,000 aggregating to Rs 919.91 crore," according to a statement available on SEBI website.
The committee, in February, had called for original PACL certificates from investors whose outstanding (principal) amount with PACL was more than Rs 15,000 and up to Rs 17,000 in order to refund the money to them after verification of original certificates.
The window for accepting original certificates was kept open from February 27 to March 20, 2023.
The committee, subsequently, after considering the difficulties faced by the investors in submitting original certificates, decided to refund the money without insisting on original certificates. Accordingly, payment of Rs 85.68 crore was returned to 1.14 lakh applicants.
Earlier, a total of 3,747 applicants, with claims of up to Rs 15,000, received payment of Rs 2.45 crore.
In December 2015, the Securities and Exchange Board Board of India (SEBI) had ordered the attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money that was due to investors.
SEBI had asked PACL as well as 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.