Markets

SEBI bars singer Sonu Nigam from selling Karjat land

Mumbai | Updated on March 11, 2020 Published on March 11, 2020

Playback singer Sonu Nigam has been banned by SEBI from selling or transferring agricultural land in Karjat area in Maharashtra that he had purchased from a company of crisis-ridden PACL group.

PACL assets have been seized by SEBI for collective investment scheme (CIS) fraud. PACL collected more than ₹60,000 crore from investors through illegal CIS over a period of 18 years.

Nigam has a farmhouse in Karjat that was purchased from PACL.

In its order, Sebi said, “Nigam has been prohibited from disposing, transferring, alienating or charging agricultural land of over 53 acres in Karjat.”

The PACL committee, which has been entrusted to sell properties of PACL and use the sale proceeds to refund investors, received a letter in April 2018 from Jan Kalyan Trust informing the committee about the sale deed made and registered on January 15, 2018, in the name of Sonu Agamkumar Nigam for agricultural land situated in Karjat.

According to the letter, the property belongs to a sister concern of PACL Ltd — Wital See Marketing — and at the time of purchasing the property, payment was made by PACL. In its submission to the committee in May 2018, PACL said that more than 99 per cent share capital of Wital See Marketing is controlled directly by its 21 associate companies.

SEBI had asked PACL and its promoters and directors to refund the money in an order dated August 22, 2014.

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Published on March 11, 2020
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