PACL case: SEBI asks investors to check status of application, rectify errors by July 31

Sebi on Tuesday asked investors of PACL Limited having claims of up to Rs 5,000, to check status of their application and rectify errors in the form by July 31 so that the regulator can initiate the refund process for them. The portal for investors to view status of their claim application has been operational from January 24. The last date for checking the status of applications and rectification of errors is July 31, 2020, the Securities and Exchange Board of India (Sebi) said in a statement. PACL, which had raised money from public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,0000000000 through illegal collective investment schemes (CIS) over a period of 18 years. A panel, headed by retired Justice R M Lodha, has been set up to manage refunds for investors who invested money in PACL. The regulator, in January, had said that over 3.8100000 investors, having claims of up to Rs 5,000, have been paid. However, certain applications could not be processed further on account of one or more errors in the application form. In December 2015, Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money due to investors. In an order on August 22, 2014, Sebi had asked PACL, its promoters and directors to refund the money. The defaulters were directed to wind up the schemes and refund money to investors within three months from the date of the order.