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PACL refund latest update: Good news for these applicants
PACL refund latest update: Applicants who have filed for a refund of up to Rs 17,000 in the PACL case have an opportunity to rectify deficiencies in their submissions. The refund process of claims between Rs 15,001 to Rs 17,000, would be allowed from June 15 to September 14. The Securities and Exchange Board of India (SEBI) has formed an online portal to process investors' refunds.
Updated Jun 14, 2023 | 07:08 AM IST
Applicants who have filed for a refund of up to Rs 17,000 in the PACL case can rectify deficiencies in their submissions.
Photo : IANS
Applicants who have filed for a refund of up to Rs 17,000 in the PACL case have an opportunity to rectify deficiencies in their submissions. On Monday, a high-powered committee set up to manage repayments to PACL investors said that certain applications having claims up to Rs 17,000 could not be processed due to various deficiencies. Thus, The body provides an opportunity for investors to fill the gaps in their applications.
The refund process of claims between Rs 15,001 to Rs 17,000, would be allowed from June 15 to September 14, 2023, according to PTI.
Application modification online
The committee, headed by retired Justice RM Lodha, had previously allowed applicants with claims for refunds of up to Rs 15,000 to correct deficits, if any, in their respective claim applications between November 2022 and January 2023. The refund process started in January 2020 with claims of Rs 5,000.
The Securities and Exchange Board of India (SEBI) has formed an online portal to process investors' refunds. The regulatory body, in a public notice on its website, has said that those investors who have claims up to Rs 17,000, can log in at www.sebipaclrefund.co.in to apply for refunds from PACL, check their status, and rectify deficiencies in their applications, if any.
PACL scam
Also known as Pearl Group, PACL had raised money from the public for agriculture and real estate business. SEBI later found that it had collected over Rs 60,000 crore through an illegal collective investment scheme (CIS) over a period of 18 years, PTI reported.
PACL and its nine promoters and directors were asked to refund the money in an order dated August 22, 2014. They were told to wind up the schemes and refund money to the investors within three months from the date of the order.
In December 2015, the Board ordered the attachment of all assets of PACL and these individuals for failing to refund the money due to investors.
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