After finding out that Pearl Agrotech Corporation Limited (PACL) has not refunded Rs 49,000 crore to investors, the Supreme Court on Monday said the company is increasingly sounding like the Sahara case where the company failed to repay its investors.
The funds were collected through a Collective Investment Scheme (CIS) which was deemed illegal by market regulator Securities and Exchange Board of India (Sebi).
Sebi has said the plea against order of refund is still pending before the SC and there hasn't been any action by the company despite the order being upheld by the Securities Appellate Tribunal (SAT).
The company on its part said it is seeking registration of CIS to work out the repayment schedule and will need two to three years to refund the same. Defending itself the company said all the land dealings with money raised are verifiable and does not in any way amount to money laundering.
The SC, however, observed that the company shows no signs of repaying the money as it has been directed. Judge Thakur who is also on the Sahara case bench said the PACL case sounds increasingly like the Sahara or Saradha case.
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