Market regulator Securities and Exchange Board of India (SEBI) said the Justice RM Lodha Committee appointed by the Supreme Court has decided to extend till 31 March 2018, the date to accept claim application from investors who had invested up to Rs2,500 in PACL Ltd (erstwhile Pearls).
"The Committee has received representations and applications from various investors requesting it to extend the deadline for receipt of claim applications from investors. In light of the above, the Committee has decided to extend the last date of receipt of applications from 28th February to 31 March 2018. It is, however, emphasised that all other terms and conditions of the present refund process as provided in the press release of 2 January 2018 shall remain unchanged," SEBI said in a release.
Earlier, SEBI has clarified that the refund may not necessarily be Rs2,500 per claimant investor, and would be effected on a pro-rata basis after considering the number of claims received as well as the funds available with the Committee. The claim applications can only be submitted online at a special website, http://sebicommitteepaclrefund.com/
created by SEBI.
On 27 November 2016, the market regulator, while informing the process to claim refund (for investors of PACL) made it clear that the Committee would initiate refund process only upon realisation of a sizable amount. It had said, "In such case, investors would be required to file their claims only in the prescribed format upon specific notification by the Committee. Till such notification, investors are requested to retain their documents with themselves and not to part with them for any reason whatsoever."
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.
Investors whose total outstanding amount (Principal) with PACL is up to Rs2,500 (per investor) are advised to send the following details by way of an SMS at 562632 or by uploading the same on the website http://sebicommitteepaclrefund.com/
for receiving refund of money invested:
Name of the investor as per PACL Certificate,
Amount claimed (in rupees),
Claimant’s mobile number,
PACL Scheme Payment Registration number,
Scanned copy of PACL Certificate,
Aadhaar/ PAN Number,
Bank account number and IFSC code,
Whether land has been allotted to the claimant investor by PACL,
Scanned copy of PAN Card / Aadhaar Card, and
Scanned copy of the latest Bank Statement showing the last three transactions.
The applicants should ensure that the latest Bank Statement uploaded clearly shows the name, address, bank account number and IFSC code, according to a release from SEBI (Securities and Exchange Board of India).
In this respect, a demo video illustrating the process for making an application for refund is provided on the website http://sebicommitteepaclrefund.com/ and the same may be viewed before making the status of their applications for refund. Investors can also call on <044-395-71985>.
The investors are further cautioned against parting with their original PACL Registration Certificates, unless on specific intimation received from the Committee. The last date for receipt of applications for refund is 28 February 2018.
We tried seeking help from SEBI so that we can help investors who want to file refund claims offline, but there is no response from the market regulator. This means, all those who are seeking refund, need to file claims on their own on the website http://sebicommitteepaclrefund.com/
Lakhs of investors who put their hard earned money in PACL formerly Pearls Agrotech Corp Ltd, a collective investment scheme (CIS), have been in a panic about the fate of their investment after the company has been ordered to refund their money. It may be recalled that this company has raised a whopping Rs49,000 crore from people across the country, claiming to have bought them a stake in land, like a land mutual fund. PACL has also used India’s slow legal system very effectively to delay regulatory action for several years, while it continued to collect money from people. In fact, it has doubled the money raised, even after SEBI began action against it.