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Last date to rectify refund applications of PACL investors

Published: Apr 01, 2020

By TIOLCORPLAWS News Service

NEW DELHI, APRIL 01, 2020: IN the case of Pearl Agrotech Corporation Ltd, Justice R.M Lodha Committee had initiated the process of refunds for investors of the company having claim of amunt upto Rs 5000. The Committee had stated that till date 3,81,603 investors/applicant have been paid. Now the Committee has clarified that certai applications culd nt be processed further on account of one or more deficiencies.

In this regard, the Committee had earlier released a press release date December 03, 2019 which informed that an opportunity will be provided to all investors/applicant with claims upto Rs 5000 whose applications were found defecient, to make good deficientcies as may be applicble to thier claim, so as to enable theier claims to be processed. Accordingly, investors/applicatants are now requested by the committee to check the status of their applications online at htttps://www.sebipaclrefund.co.in and to rectify the deficiencies. The portal was in operation from January 24, 2020. The investors applicant can check the status of their claim application and make rectification of deficiencies till July 30, 2020 only.

PACL was implicated by the SEBI when it raised more tha Rs 6000 cr from the public in the name of agriculture and real estate businesses through an illegal collective investment scheme over a period of 18 years.

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