Will go to appellate tribunal against Sebi's order to refund Rs 50,000 cr, says PACL

PACL said it 'would also like to remind its customers that it has always kept their interest paramount and would continue to do so'.
New Delhi Facing a Sebi order with chargesof running an illicit money pooling scheme worth about Rs50,0000000000, PACL Limited today said it will approach theSecurities Appellate Tribunal against the directive of thecapital markets regulator. "Sebi has unfortunately failed to recognize the submissions of the company that it can't be treated like a CIS. The company would now appeal this order before the Securities Appellate Tribunal," PACL said in a statement after the Sebi order. "PACL limited, in its submission to the Sebi bench had submitted that it is not running a CIS. "Further, the company has sufficient asset holdings vis-a-vis the money raised for its real estate business," the company said. PACL further said it "would also like to remind its customers that it has always kept their interest paramount and would continue to do so". "We assure our customers that their investments are safe and their interests would not be jeopardized," the company added. Sebi in its order earlier this evening asked PACL and its promoters and directors to refund investors' money within 3 months and immediately stop raising money from all their collective investment schemes, after finding them guilty of raising close to Rs 50,0000000000 through unauthorised CIS activities. PTI