Refrain from dealing in PACL properties: SEBI cautions investors
Published: May 05, 2017
By TIOLCORPLAW News Service
MUMBAI, MAY 05, 2017: THE Securities and Exchange Board of India (SEBI) had, in pursuance of the order passed by Supreme Court in the case of PACL Ltd vs SEBI, constituted a Committee under the Chairmanship of Justice (Retd.) R. M. Lodha, former Chief Justice of India for disposing the properties of Company i.e PACL Ltd., so that the sale proceeds can be paid to the investors. Therefore, in terms of the above mentioned order, nobody else except the Committee is authorized to effect the sale of the properties of PACL Ltd., or properties wherein PACL Ltd., has interest/right there in directly or indirectly.
The Committee has received several complaints, where from, it is learnt that certain individuals/associations etc. are collecting/ attempting to collect monies/cheques from individuals misrepresenting themselves to be authorized to do so by the Chairman/ Member of the Committee. SEBI has reiterated that neither the Committee nor the Chairman/ Members of the Committee or SEBI has authorized any person to collect monies either by way of cheques or in any form and or documents in any manner whatsoever.
SEBI has cautioned the public at large against buying/dealing with any properties purchased in the name of PACL Ltd/ its associates or subsidiaries and/or in the name of individual including director(s)/employee(s)/agent(s) or any person having association with PACL Ltd or properties wherein PACL Ltd or any of its associates/subsidiaries has interest/right, directly or indirectly as no dealing is authorized except what would be approved by the Committee in accordance with the rules. The public at large are requested to beware of rumors spread by unscrupulous persons and rely only on public notices and press releases published/ released by the Committee or SEBI.
It was also informed that status reports as filed before the Supreme Court of India, have also been made available at the above mentioned websites.
The Committee vide public notices and press releases has been from time to time informing that the process of refund would be initiated upon realisation of a sizeable amount and Investors would require to file claims only in the prescribed format upon specific notification in that regard by the Committee.
Till such notification is issued/ released, Investors have also been requested to retain their documents with themselves and not to part with them for any reason whatsoever to any person or association.
