PACL, which had raised cash from the general public within the title of agriculture and actual property companies, was discovered by Sebi to have collected greater than Rs 60,000 crore by way of unlawful collective funding schemes (CISs) over a interval of 18 years.
A panel headed by retired Justice R M Lodha initiated the method of refunds in two phases — in the course of the interval January 2, 2018, to March 31, 2018, and February 8, 2019 to July 31, 2019, — for traders, who invested cash in PACL.
“As on date, payment aggregating to Rs 204.85 crore has been effected to 8,31,018 investors, with claims up to Rs 7,000,” Sebi mentioned in a press release.
In December final 12 months, the regulator mentioned 2,77,544 traders having a declare quantity as much as Rs 5,000 have been paid underneath the second refund course of.
In the primary section, refunds have been effected in respect of 1,89,103 traders having declare quantity as much as Rs 2,500.
In December 2015, Sebi had ordered attachment of all belongings of PACL and its 9 promoters and administrators for his or her failure to refund the cash which is because of traders.
Sebi had requested PACL as additionally its promoters and administrators to refund the cash in an order dated August 22, 2014. The defaulters have been directed to wind up the schemes and refund cash to the traders inside three months from the date of the order.
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