SEBI has decided to pay back investors who were victims of the fraudulent collective investment scheme of PACL (Pearls Infrastructure Projects). The refund will be up to ₹2,500 an investor.

In a notice issued on Tuesday, SEBI asked investors to submit a form in prescribed manner providing details such as the name of the investor according to PACL Certificate and amount claimed, among other things.

The applicants should ensure that the latest bank statement is uploaded clearly showing the name, address, bank account number and IFSC code, according to a release from SEBI.

SEBI was directed by the Supreme Court to constitute a committee under the chairmanship of Justice RM Lodha, the former Chief Justice of India, for disposing of the land purchased by PACL, so that the sale proceeds could be paid to those who had invested their funds in the company.

The Committee decided to initiate the process of refund to the investors of PACL with the monies so far released by it. At the first instance, the Committee has decided to receive claims from such investors whose total outstanding amount (principal) with PACL is up to ₹2,500. The SEBI press release clarified that refunds may not necessarily be ₹2,500 per claimant investor, and would be effected on a pro-rata basis after considering the number of claims received as well as the funds available with the Committee.

The investors are further cautioned against parting with their original PACL Registration Certificates, unless on specific intimation from the Committee. The last date for receipt of applications for refund is February 28, 2018.

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