Twitter
Advertisement

48k PACL investors move Supreme Court panel for refund of money

The investors' complaints are pending before the local police, the Central Bureau of Investigation (CBI) and the Security and Exchange Board of India (SEBI).

Latest News
article-main
Representational Image
FacebookTwitterWhatsappLinkedin

A large number of investors have lodged claims before the Supreme Court-appointed justice RM Lodha panel, which was entrusted to oversee the sale of assets of the Pearls Agrotech Corporation Ltd (PACL) and refund the money to investors.

Around 48000 depositors from various districts of Kerala have filed their claims amounting to Rs400 Cr before the Justice Lodha committee against the PACL Limited.

The company has been facing CBI probe for its failure to refund Rs49000 Cr to people who had invested in the company's Collective Investment Scheme (CIS), which was deemed illegal by market regulator SEBI.

Investors' counsel Vipin Nair told dna, "They are the employees and customers of PACL from 11 districts of Kerala, including Idukki, Pathanamthitta, Alapuzzha I and II, Ernakulam, Kollam, Palakkad, Kottayam, Trivandrum, Malappuram and Thrissur. Around Rs400 Cr is due and payable by the PACL to them."

The investors' complaints are pending before the local police, the Central Bureau of Investigation (CBI) and the Security and Exchange Board of India (SEBI).

On a petition alleging fraud worth crores by the PACL, the apex court in February had appointed the Justice Lodha committee, which has initiated steps to sell PACL lands and properties to raise funds and return money to the investors.

The committee has informed the court that about 100 properties have been sold by various authorities.

Recently, market regulator SEBI informed the court that it was in the process of refunding the investors' money and also made a request to the Australian authorities to examine the documents pertaining to the group's properties, including the Sheraton Mirage Resort (Sheraton) on the Gold Coast. PACL founder Nirmal Singh Bhangoo had purchased the Sheraton Mirage in 2009.

According to the probe agency, the money was allegedly collected by Bhangoo-managed group through two companies — PACL and Pearls Golden Forest Limited – in ponzi schemes under the garb of sale and development of agricultural land.

The Pearls Group chairman-cum-managing director and three other directors were arrested on January 8, after two years of CBI probe ordered by the Supreme Court, in connection with the alleged swindling of Rs45000 crore.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement