PACL Latest News
Hi friends here i have PACL Latest News when i contact our pacl senior he tell me all about pacl that when will open pacl branches and start reworks. you know all people very anxiety about pearls group of company for investing own money . I think 60% costumer cross the policy end time . i have get information that High Court Order to open account in November 2015. when open company bank account then after that company further work process will increase all branches . you know many process for reopen offices so he will take some little time. i thinks when open company account then company start in New Year 2016. We all hope that company will be start very soon. this information update by the our PACL Biggest leaders. and also supreme court ordered this.if you have PACL Latest News any question about pacl investment plans, www.pacl india ltd your policy or schemes you can write www.paclltd.com ltd site click this link .
PACL Latest News 2016 – Sebi fines PACL Rs 7,269 crore for illegal raising of funds
Mumbai:- PACL Latest News its biggest ever fine, regulator Sebi on Tuesday imposed a penalty of Rs 7,269.5 crore on PACL Ltd and its four directors for illegal and fraudulent mobilisation of funds from the public, saying the company deserves “maximum penalty” for such large-scale duping of the common man.
The penalty follows another order by Sebi last year wherein PACL was asked to refund Rs 49,100 crore it had collected through illicit schemes over a 15-year period.The refund order was also upheld last month by the Securities Appellate Tribunal, where PACL had filed an appeal.
sebi against pacl In its latest order on Tuesday, Sebi said that PACL made huge illegal mobilization of money, leading to consequent profit to the tune of over Rs 2,423 crore in a short span of less than one year.In a strong-worded order, Sebi said, “Keeping in view the entire facts and circumstances of the case… there can not be a better case than this which deserves the maximum penalty”.
PACL Latest News – PACL’s Bhangoo approaches SAT against Sebi’s recovery order
MUMBAI: PACL Latest News 2016 Facing heat from multiple agencies in the country’s biggest illegal fund-mobilisation case involving nearly Rs 60,000 crore, PACL’s Nirmal Singh Bhangoo today approached Securities Appellate Tribunal (SAT) against Sebi’s recovery proceedings to collect funds due to investors.
As the Tribunal is in vacation and its Presiding Officer is on leave, the plea was taken by a single member, who listed the matter for hearing on Friday, January 1, and asked Sebi to reply by that day.
PACL Latest News – Sebi moves SC against fresh PACL plea in Rajasthan HC
The Securities and Exchange Board of India (Sebi) on Thursday approached the Supreme Court seeking transfer of a fresh plea filed by PACL from the Rajasthan High Court to the apex court.Sebi has alleged that while PACL and its promoters had moved the Supreme Court against SAT’s August 12 order that directed it to refund close to over Rs 44,376 crore that it collected from around 58.5 million customers and winding up of its collective investment schemes (CIS), the real estate firm on October 12 again moved the Rajasthan HC seeking a direction to Sebi to register its CIS and for release of its sale deeds to enable it sell properties to raise money. PACL Latest News 2016
The apex court had earlier appointed a special committee to probe other companies of the Pearl Group and had also cleared the decks for sale of more than 10,000 properties of the group’s companies spread across states like Punjab, Haryana, Rajasthan and Delhi.
PACL Latest News 2016 – Sebi tells PACL to refund over Rs 44,000 crore in three months
The Securities and Exchange Board of India has ordered PACL, formerly called Pearl Agrotech Corporation, and its promoters to refund over Rs 44,376 crore that it collected until March 2012 through collective investment schemes (CIS).
This is the biggest crackdown by Sebi on an entity in monetary terms. PACL has three months to comply with the order. The regulator has said that it would take steps to register a civil/criminal case in case of non-compliance.
“PACL Limited, its promoters and directors, shall wind up all the existing Collective Investment Schemes of PACL Limited and refund the monies collected by the said company under its schemes with returns which are due to its investors… within a period of three months,” said the Sebi order passed by its whole-time member Prashant Saran.
Armed with the new powers conferred upon it under the new Sebi Bill, the order further said, “Sebi shall also initiate attachment and recovery proceedings under the Sebi Act
PACL Latest News – What PACL investors should do to get their money back
in response to a query on behalf of Moneylife Foundation, SEBI has outlined what PACL investors need to do to get their money refunded following the regulator’s orders against the company. In a path breaking order, market regulator Securities & Exchange Board of India (SEBI) had ordered PACL formerly Pearls Agrotech Corp Ltd, a collective investment scheme to refund a colossal Rs49,100 crore collected from investors over several decades in a land purchase scheme. However, the order has left investors in a panic and unclear about how to get their money back. It is important for investors to know that those who file and record their claims quickly have a better chance of getting their money back.
In response to a Moneylife Foundation request, a deputy general manager (DGM) of SEBI has clarified as follows:
It may please be noted that Hon’ble SAT in its order dated 12 August 2015 had directed PACL to wind up its existing schemes and refund all investors within a period of three months. The said time period will end on 11 November 2015. Recovery procedure can be initiated only after expiry of above period and after attachment of assets.
As regards the freezing of bank accounts of the company, it is understood that the Central Bureau of Investigation (CBI) is conducting an independent inquiry. As per media reports CBI in February 2014 raided PACL premises and seized data and papers relating to money and property of PACL.
As far as the suggestion to create an online mechanism for registering PACL investor’s requests is concerned, it may be noted that investors can register their complaints on SCORES platform (http://www.scores.gov.in/Complaint.aspx?flag=n). Since PACL Ltd is an unregistered/ unlisted entity, it does not have a SCORES Login ID due to which the complaints received on SCORES cannot be sent directly to the company electronically. However, such complaints are printed by SEBI and sent to the company for redressal.
Further, regional and local offices of SEBI are currently receiving complaints against the company, which are then sent to the entity at its registered address for redressal. The investors can also send their grievances to the nearest SEBI office, the addresses of which are available on the SEBI website.
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