Contact Your Financial Adviser Money Making MC
3
April 2017
 |
SEBI (The Total Investment & Insurance
Solutions)
Cautioning
investors of PACL Ltd (erstwhile Pearls), market regulator Securities and
Exchange Board of India (SEBI) had asked them to retain all documents with
himself or herself and not to share or handover it to anyone for any reason.
SEBI said the Justice RM Lodha Committee appointed by the Supreme Court to
dispose of properties of PACL and pay proceeds to investors has not authorised
anyone to collect cheques, money or claim forms from investors.
In
a statement, SEBI said, "The (Justice RM Lodha) Committee is in receipt of
complaints, whereby, it is learnt that certain individuals/associations are
collecting money/ claim form under the guise of authorisation from the
committee. In this regard, it is reiterated that committee has not authorised
any person to collect any money or claim in any manner whatsoever, therefore
investors may beware and are cautioned to not fall in the trap of any such
news, report or advertisement." The Total
Investment & Insurance Solutions
Earlier
on 27 November 2016, the market regulator, while informing the process to claim
refund (for investors of PACL) made it clear that the refund would be initiated
only upon realisation of a sizable amount by the Committee. It said, "In
such case, investors would be required to file their claims only in the
prescribed format upon specific notification by the Committee. Till such
notification, investors are requested to retain their documents with themselves
and not to part with them for any reason whatsoever." The Total Investment & Insurance Solutions
The
Lodha committee is supervising the Supreme Court ordered process of selling
PACL's assets across the country and refunding Rs49,100 crore collected from
over 56 crore investors.
The
apex court in an order on 2 February 2016 set-up a committee headed by its
former chief justice RM Lodha to sell assets of PACL to refund investors
Rs49,000 crore collected through collective investment scheme that were held as
illegal by market regulator SEBI.
Directing
that no court in the country would entertain any plea in respect of the sale of
PACL assets, the bench also restrained the PACL from going for any more
investments from the public.
The
court directed the committee to appoint experts to assists in the sale of land
and directed the SEBI to appoint a nodal officer to for investor grievances.
The
money to be refunded to the investors was allegedly collected by PACL and
Pearls Golden Forest Limited - two companies belonging to Nirmal Singh
Bhangoo-managed group - in the name of sale and development of agricultural
land.The Total Investment & Insurance
Solutions
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