PACL's duped investors to protest at SEBI HQ on February 26
IANS 21 February 2018
In a first, thousands of investors from across India who were duped by PACL Ltd of crores of rupees will take out a protest march to the Securities and Exchange Board of India (SEBI) headquarters here on February 26 to demand their money back.
 
Rallying under the banner of Janlok Pratishthan, these investors of erstwhile Pearls Infrastructure Projects will march to the SEBI headquarters in the Bandra Kurla Complex to demand their money, said its President Sunanda Kadam.
 
"The SEBI has consistently failed to protect small investors, including those of PACL, who have been duped out of their hard earned monies. Small depositors are at the receiving end as the SEBI is proving lax in safeguarding our interests from defaulting companies like PACL," Kadam told IANS.
 
Around 200,000 protesters are expected to rally to condemn the "inaction of SEBI which has just become a bureaucratic entity and failed to check increasing financial frauds and Ponzi schemes in the country", she added.
 
Kadam said after the real estate development company PACL's fraud came to light, investors group Janlok Pratishthan had moved the court. The Supreme Court had constituted a committee under Justice R.M. Lodha.
 
It also ruled that the properties of PACL be auctioned and the proceeds utilised to repay PACL investors with interest within six months.
 
She claimed that even two years after the apex court ruling, PACL had deposited only Rs 370 crore with the committee, and that the Supreme Court orders had been flouted in the process.
 
The Janlok Pratishthan later learnt that PACL had sold a luxury hotel in Australia and its proceeds of around Rs 400 crore remained blocked in an escrow account.
 
However, the SEBI has not initiated concrete steps to recover the money and ensure refunds to nearly six crore PACL investors so far, Kadam rued.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

Chirayu Chopda
3 years ago
Sir i came to know about this today. can i submit it now. my contact no. - 7744926082
Shrijot Goral
3 years ago
Plz keep us updating regarding the next principal amount
Amit Kumar
3 years ago
Mera pacl main 13500 jma form process ke liye Kya karna hai please coll or SMS 7068875108 Amit kumar
Lathika Lathika
3 years ago
Sir many people couldnt update. Only poor people cheated. They dont know how to apply. Many poor investors didnt get news.they give chance.
Lathika Lathika
3 years ago
Sir,I works as a pacl agent.I have joined many people. They asked me abt their investment. Pls let me know how i can apply .let me know how I would receive investment money.
ketan
3 years ago
सर मेने रु २५०० तक के रिफंड के लिए डोक्युमेन्टस सबमीट कर रहा था तब आधी प्रक्रीया होने के बाद मेरी कोमप्युटर सिस्टम हेंग हो गयी,डोक्युमेन्टस सबमीट करना बाकी था, अब दुबारा कोशीस करता हु तो allready uploaded एसा मेसेज आता हे तो मे क्या करु,pl replay
Himakshi Baishya
3 years ago
Sir, I had deposited Rs320 monthly and my mother had fixed Rs20000. Are we applicable for the refund process which is presently going on. Please reply
MD Hussain
Replied to Himakshi Baishya comment 3 years ago
How Many instalment of Rs.320 paid??
Himakshi Baishya
Replied to MD Hussain comment 3 years ago
All
AJAYBHAN VERMA
4 years ago
ये बताओ सर जब कुछ साल पहिले चेक बन रहा था तब हम भे कई लोगों का बांड औऱ आखरी रसीद जमा किये थे अब जब ये प्रकिर्या है तब मैं क्या करूँ कैसे लगाया जाय कोई उपाय हो तो बताओ plese
Anand Hurakadli
Replied to AJAYBHAN VERMA comment 3 years ago
At the time of submission of bonds they provided Receipt.
You should upload receipt.
laly jose
4 years ago
please refund the money as early as possible...
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