A high-powered Sebi committee on Friday offered services to PACL traders to replace particulars of their cellular numbers and enquire whether or not SMSs have been despatched to them to submit unique certificates. The committee in April requested traders, who invested in unlawful schemes of PACL, to submit their unique registration certificates by June 30 solely after receiving an SMS from the panel. This was relevant solely to these traders whose declare cash is between Rs 10,001 and Rs 15,000 and whose purposes have been verified.
The markets regulator had arrange a committee headed by former Chief Justice of India RM Lodha following a Supreme Court order to refund cash to traders within the matter of PACL Group. The panel is overseeing the method of disposing of properties to refund traders after verifying their genuineness. It has already initiated the method of refund in phases.
PACL, also referred to as Pearl Group, which had raised cash from the general public within the identify of agriculture and actual property companies, was discovered by Sebi to have collected greater than Rs 60,000 crore by unlawful collective funding schemes (CIS) over a interval of 18 years. According to a press launch uploaded on Sebi’s web site, the committee has been receiving queries from traders relating to the non-receipt of SMS calling for unique PACL certificates owing to a change of cellular quantity.
Many traders have stated that cellular numbers offered by them in the course of the submission of on-line claims are now not operational. Accordingly, the committee has now offered few services to traders or candidates of PACL on the net portal.”Investors/candidates of PACL Ltd can now replace/change their registered cellular numbers on-line on the net portal. Investors/candidates with claims between Rs 10,001 and Rs 15,000 can now examine on the net portal whether or not SMS has been despatched to their registered cellular numbers for submission of unique PACL certificates,” based on a launch.
It additional stated {that a} detailed step-by-step course of is to be adopted for updating cellular numbers on the portal and to investigate whether or not an SMS has been despatched calling for the unique PACL certificates on the net portal.In December 2015, Sebi had ordered the attachment of all property of PACL and its 9 promoters and administrators for his or her failure to refund the cash because of traders.
Sebi had requested PACL and its promoters and administrators to refund the cash in an order handed in August 2014. Also, 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.
Source: www.financialexpress.com”