SEBI committee asks investors to provide original documents in PACL case
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The committee constituted by the Securities and Exchange Board of India (SEBI) has asked only those investors whose applications have been successfully verified to submit original documents. SEBI constituted this committee in 2016 after the order of the Supreme Court.
A committee of markets regulator SEBI has asked investors of illegal schemes of PACL group to submit original documents by March 20 for refund claims of up to Rs 17,000. The committee constituted by the Securities and Exchange Board of India (SEBI) has asked only those investors whose applications have been successfully verified to submit original documents. SEBI constituted this committee in 2016 after the order of the Supreme Court.
The committee, headed by former Chief Justice of India RM Lodha, is overseeing the process of disposal of properties to return money to investors after verifying their eligibility. It has also started the process of refunds in a phased manner. The committee has asked eligible investors with claims ranging from Rs 15,001 to Rs 17,000, whose applications have been successfully verified, to bring original PACL registration certificates, according to a statement released on Sebi’s website on Monday.
PACL, formerly known as Pearl Group, had raised over Rs 60,000 crore from retail investors in the name of agriculture and real estate business. The Lodha committee is monitoring the process of sale of the group’s properties to return money to investors.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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