Contact Your Financial Adviser Money Making MC
28
October 2016
The Securities Appellate Tribunal (SAT),
while hearing unpaid Investors of Pancard Clubs Limited (PCL) who have filed an
intervention making serious allegations of fraud on Pancard Clubs Limited
(PCL), which has failed to repay investors, expressed annoyance at
delaying tactics adopted by PCL to prolong the hearings. Justice J P Devadhar,
Presiding Officer of SAT warned PCL that if PCL does not file their replies to
the Miscellaneous Applications filed by SEBI and the unpaid Investors, SAT will
vacate the Interim Stay granted in March 2016 to PCL. The Total Investment & Insurance Solutions
SAT was hearing Appeals by PCL and its
Directors challenging SEBI’s Order of 29 February 2016, holding PCL to be a
Collective Investment Scheme and directing PCL to return Rs7,035 crore to about
2.5 million investors all India. The
Total Investment & Insurance Solutions
Advocates Rabindra Hazari and Niket
Mehta, who appeared for several unpaid Investors, argued that PCL, has a paid
up capital of only Rs50 lakh but has debts of more than Rs7,000 crore. Hence,
to ensure recovery of Investors’ monies it is vital that SAT and SEBI take
action against more than 54 Companies which are admittedly part of the
Panoramic Group of Companies which have siphoned funds from PCL and thereby own
31 running hotels all over India and 13 overseas hotels plus another 9 hotels
which are under development. The Total
Investment & Insurance Solutions
Rabindra Hazari and Niket Mehta
therefore prayed that all the entities and Directors of the Panoramic Group
must be separately identified along with the assets held by each person, Court
Receiver must be appointed over all these properties and in the interim period
they must be specifically restrained from disposing of any of their assets
without prior written consent of SAT or SEBI.
Moreover, as the transfers of assets and
funds from PCL to its huge number of related enterprises is very murky,
forensic auditors must be appointed over all the Panoramic Group entities,
especially Panoramic Universal Limited, the sole listed Company which is
managing more than 50 hotels, and all these documents and reports must be
posted on public websites or otherwise published in the public domain.
Justice Mr. J.P. Devadhar directed that
the latest Miscellaneous Application filed by the Interveners be heard together
with PCL’s Appeal on 15 November 2016.The
Total Investment & Insurance Solutions
No comments:
Post a Comment