Sebi chief meets PACL investors

Mumbai: A group of investors, who had invested in PACL (formerly

Pearl Agrotech

), on Monday met

Sebi

chairman

Ajay Tyagi

along with some of the market regulator’s top officials, and requested Sebi to expedite the refund process. PACL, for over 18 years, used illegal means and raised around Rs 49,000 crore form the public for investing in agriculture and real estate businesses.

Currently, a SC appointed committee, headed by retired Chief Justice of India R M Lodha, is overseeing the refund process. Sebi said that the group of PACL investors, under the banner of

Janlok Pratishthan

, met its chief and other officials and requested that the process of refund be expedited. Sebi said that the committee has initiated the process of refund to the investors of PACL, whose total outstanding amount (principal) with PACL was up to Rs 2,500 per investor. “The committee has submitted two status reports to the SC, elaborating the work done by it in furtherance of the mandate provided to the panel” by the apex court, the release said.

The regulator has also set up a portal, specially dedicated to the refund process for PACL investors, which also has an FAQ section to guide those affected by the illegal money collection scheme.