Market regulator Securities and Exchange Board of India (SEBI) said, PACL Ltd (erstwhile Pearls) has increased its offer to Rs23,000 from Rs20,000 to buy own properties. Due to this, the Justice RM Lodha Committee appointed by the Supreme Court has decided to invite final counter or revised proposals from interested parties.
In a release, SEBI says, "...the Committee has received nine counter proposals, out of which two have made offers higher than the value of offer made by PACL by way of its 14 April 2018 proposal. Subsequent to the same, the Committee has received a revised proposal dated 3 July 2018 from PACL revising the total offer value for the sale of the properties from Rs20,000 crore to Rs23,000 crore."
The entities interested, including PACL, have been given time till 17 July 2018 for submitting final counter proposal or revised bids to buy PACL properties.
Last month, apart from PACL itself, SEBI 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.