Panel allows refunds up to Rs 15,000 to PACL investors

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A high-powered committee that is looking into refunds for PACL investors on Monday allowed payments to applicants having claims of up to Rs 15,000.

The refund process of up to Rs 15,000 claims will be allowed from November 1, 2022, to January 31, 2023.

Sebi has created an online portal to process investors' refunds.

According to a public notice on Sebi's website, investors having claims up to Rs 15,000 can log in at www.sebipaclrefund.co.in to apply for refunds, check their status and rectify deficiencies, if any, in their applications.

The panel, headed by retired Justice R M Lodha, has been set up to manage refunds for investors who invested money in PACL.

The committee had earlier allowed refunds of up to Rs 10,000 claims and had provided the opportunity to investors to rectify deficiencies, if any, in their respective claim applications between January and March, 2021. The refund process started in January 2020 with claims of Rs 5,000.

The committee is now providing a similar opportunity from November 01, 2022, to investors/applicants with claims up to Rs 15,000, whose claim applications were found deficient, to make good the deficiencies, the notice said.

PACL, also known as Pearl Group, which had raised money from public in the name of agriculture and real estate business, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment scheme (CIS) over a period of 18 years.

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 which 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.