Sebi warns against dealing in PACL properties

Sebi on Wednesday cautioned public against dealing in any property in which PACL has interest after noticing instances where certain entities are trying to transact in such properties by claiming that as their own.

After detailed investigation, Sebi had found that PACL had raised more than Rs 60,000 crore from the public by way of illegal collective investment schemes in the name of agriculture and real estate businesses.

The Supreme Court-appointed R M Lodha Committee is overseeing disposal of PACL assets to refund the affected investors and is authorised to sell the group's properties.

"It has come to the knowledge of the committee that certain individuals/ entities are trying to deal/ transact in properties wherein PACL Ltd has an interest, directly or indirectly, by claiming these properties as their own," Sebi said in a public notice.

The regulator also said the panel has received complaints, whereby it is learnt that certain individuals and associations are collecting money or cheques from investors by misrepresenting that such persons have authorisation from the committee.

"In this respect, the public at large is again made aware that... only the committee is authorised to sell properties of PACL Ltd or properties wherein PACL Ltd. has interest/rights therein directly or indirectly," the notice said.

The watchdog has also asked investors to retain their original documents with themselves and not to part with them for any reason whatsoever to any person or association.

On earlier occasions also, the regulator had cautioned public against buying and selling of any property of PACL.