Market regulator Securities and Exchange Board of India (SEBI) said the Justice RM Lodha Committee appointed by the Supreme Court has received counter proposals from eight parties for properties of PACL Ltd (erstwhile Pearls). These parties have submitted their offer for higher price than the value submitted by PACL in its letter on 14 April 2018.
SEBI said it had received counter proposals to buy properties of PACL from three each from Maharashtra and Tamil Nadu and two from Delhi. From Maharashtra, Grovalue Marketing Pvt Ltd, Trig Guardforce Ltd and City Wines while from Tamil Nadu, Vijaylakshmi Marketing, Lakshmi Murugan Developers Pvt Ltd, and Bava Fules have submitted their proposals. From Delhi, Rohatas Dalal and PK Overseas (P) Ltd have submitted counter proposals.
PACL in its offer submitted in April had proposed to bring in buyers to purchase its assets for not less than Rs15,000 crore, in two tranches spread over two years. In addition, if allowed, PACL had proposed to bring in additional Rs5,000 crore in third year, making its total offer for Rs20,000 crore.
The Lodha Committee is supervising the Supreme Court ordered process of selling PACL's assets across the country and refunding Rs49,100 crore collected from over 56 crore investors. The money to be refunded to the investors was allegedly collected by PACL and Pearls Golden Forest Limited - two companies belonging to Nirmal Singh Bhangoo-managed group - in the name of sale and development of agricultural land.
For more details, investors of PACL are requested to visit SEBI website or click on this link