The Securities and Exchange Board of India (Sebi) on Tuesday said that 1,270,849 investors of PACL Ltd, with claims of up to Rs10,000, have been returned a total of Rs438 crore as of 31 March 2021.
PACL was banned in 2015 by the regulator for illegally collecting at least Rs49,100 crore from 58 million investors over 18 years. In 2015, the Supreme Court had formed a panel under retired Justice R. M. Lodha to dispose of PACL’s assets and refund the money.
The committee had called for submission online by investors of PACL of applications for refund through a press release dated 8 February 2019.
“The committee has been processing applications received from investors in a phased manner, slab wise, and currently applications with claim amount up to Rs10,000 have been processed and payments have been effected in respect of eligible claim applications. The payments are processed after verification of documents…