PACL (Pearl Agrotech) refund portal will not be available for 5 days, says SEBI panel

PACL (Pearl Agrotech) refund portal will not be available for 5 days, says SEBI panel


In December 2015, the regulator ordered attachment of all assets of PACL. (File)

New Delhi:

A high-powered SEBI (Securities and Exchange Board of India) committee probing the refund process of investors of PACL (Pearl Agrotech Corporation Limited) today said that the refund portal will not be available for five days for those investors due to technical reasons. issues.

The committee, headed by retired Justice of India RM Lodha, is overseeing the process of disposal of properties to refund investors after verifying their genuineness. It has already started the process of refund in phases. The panel was set up by SEBI in 2016 following a Supreme Court order.

The panel in October provided a facility for investors with claims up to Rs 15,000, whose applications were found to be erroneous, to correct the errors by logging onto the refund portal – sebipaclrefund.co.in, and resubmit the applications. Can collect. for further processing.

This facility has been made available from November 1, 2022 to January 31, 2023.

“However, due to technical difficulties, the refund portal will not be available for re-submission for 5 days,” according to a statement on Sebi’s website.

PACL, also known as Pearl Group, which raised funds in the name of agriculture and real estate business, has been seized by SEBI for collecting over Rs 60,000 crore through an illegal Collective Investment Scheme (CIS) over a period of 18 years. was found to do.

In December 2015, the regulator had ordered attachment of all assets of PACL and its nine promoters and directors for failing to refund investors’ money.

Sebi, in an order passed in August 2014, asked PACL as well as its promoters and directors to return the money. The defaulters were directed to wind up the schemes within three months and return the money to the investors.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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