New Delhi, July 25
A SEBI-panel on Monday cautioned the public against dealing in the properties of PACL Group and its subsidiaries, saying no one has been authorised to sell the properties.
Fresh advisory
- PACL, also known as Pearl Group, had collected over Rs 60,000 crore through illegal collective investment schemes in 18 years
- SEBI has clarified that the panel overseeing the process of disposing of properties to refund investors has not authorised any individual to sell the assets of PACL
PACL, also known as Pearl Group, had raised money from the public in the name of agriculture and real estate businesses.
According to the SEBI, PACL collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over 18 years.
A committee, headed by former Chief Justice of India RM Lodha, is overseeing the process of disposing of properties to refund investors after verifying their genuineness. It has already initiated the process of refund in phases. The panel was set up by SEBI in 2016 following a Supreme Court order.
The fresh advisory came after the committee noticed that an authority letter purportedly issued on behalf of nodal officer-cum-secretary of the committee, authorising one Harvinder Singh Bhangoo to sell the properties of PACL in Karnataka is in circulation.
It has been clarified that the committee has not authorised any individual or entity much less Bhangoo, to sell the properties of PACL Ltd as falsely asserted in the foregoing authority letter, or at all, according to a statement issued on SEBI’s website.