PACL: Govt Says Received 1.50 Crore Claims from Investors, Refunds Being Processed as per Availability of Funds

Moneylife Digital Team 21 July 2021

Investor Interest

The Union government says Justice (Retd) RM Lodha committee appointed by the Supreme Court had received about 1.50 crore claim applications from investors of PACL Ltd and is refunding money phase-wise and claim amount-wise depending upon the corpus available.

Responding to a question in the Lok Sabha, Pankaj Chaudhary, minister of state for finance, says, “A committee under the chairmanship of Justice (retd) RM Lodha was constituted for disposing of the properties of PACL, and pay the sale proceeds to the investors of PACL. The committee had invited refund claim applications vide press release dated 2 January 2018, and 8 February 2019. The committee had received around 1.50 crore claim applications. The committee has adopted phase-wise and claim amount-wise refund of monies to investors of PACL. depending upon the corpus available with the committee and after verifying the claims submitted by the investors.”

Member of parliament (MP) Subhash Chandra Baheria has asked the question whether Securities and Exchange Board of India (SEBI) has formulated any strategy for payment to PACL investors according to the judgement of Supreme Court (SC) and specific timelines for repayment.

The minister further revealed that it was envisaged that only the principal 'amount to be paid to investors in different phases and giving preference to small investors.

Moneylife had extensively reported on the PACL scam and you can read it here.

Mr Baheria had also asked about the way the payment of the principal amount with interest thereon would be made to the investors who did not submit the applications on online portal due to submission of their original bond in the company and the likely timelines for repayment of the same.

Mr Chaudhary replied saying “In respect of investors, who have not submitted applications through online portal, the committee vide public notice dated 16 October 2019 informed the investors to await notification in this regard by the comnittee in due course”.

In response to a query seeking item wise total movable and immovable property or bank deposits of PACL, the minister shared the following details:

The company had Rs308.04 crore in bank deposits and Rs98.45 crore in fixed deposits which has been fully recovered.

SEBI has further received Rs369.20 crore which pertains to two immovable properties located in Australia after the market regulator filed a claim petition in Federal Court of Australia.

When asked if the government has formulated any action plan to compensate the poor investors cheated by chit fund companies or co-operative societies through their budget and if so, the details thereof, Mr Chaudhary, the minister replied that no such proposal is under consideration by the government.

Replying to what strategy has been chalked out by the government to protect the interest of the investor in future, Mr Chaudhary says, “Central Government has notified Banning of Unregulated Deposit Schemes Act, vide notification in Gazette of India dated 12 February 2020 which bans deposit takers from promoting, operating, issuing advertisements or accepting deposits in any unregulated deposit scheme”.

In February 2019, a committee headed by retired justice Lodha had initiated the process of refunds in phases for investors, who had invested in PACL.

PACL (or Pearls) is one of the largest Ponzi schemes in India which had been allowed to run for decades amassing over Rs60,000 crore. The committee had asked PACL investors to submit online applications for refund.

The justice Lodha 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 made in respect of eligible claim applications.

The committee has successfully effected refunds to more than 12.7 lakh investors, with claims up to Rs10,000, aggregating to Rs438.34 crore as of March 2021. (Read: PACL: SEBI Orders Attachment of Company Properties in Punjab to Recover Money)

Comments

User

gurjar2001subhash

1 month ago

Pesa kb milega

gurjar2001subhash

1 month ago

Pesa kb milega

rajputman1990

4 years ago

Sir please Mera Paisa waps dilwa dijiye bahut mehnat se kamaya he netao ki tarah dalali se ny kamaya he please Paisa dilwa dijiye

raj12366588

4 years ago

My policy no U 170514257 which was payment due on 2014 but till date no any amount received

raj12366588

Replied to raj12366588 comment 4 years ago

I have already been registered but till date no response

gawaivinod1

5 years ago

??? ??? ?? ??? ??? ?? ?? ????? ?? ??? ????

honeysingh980

5 years ago

This money never come bcz we live in chutiya country with corrupted people's

chaudharysagar22

5 years ago

Pacl Ltd not took six year to collect the money but govt. agency take so much time in returning only principle amount. Then it is better this task should be done by pacl Ltd.

gobindachetry0087735

5 years ago

Mera PACL NO. U234371429 hai sir please mera paisa wapaas kar dijiyega sir, muje interest nahi chahiye mera jama kiya huwa paisa hi tapas kar dijiyega sir

gobindachetry0087735

5 years ago

Sir mera paisa kab milega 75000 hai

Shindemanohae456

5 years ago

PACL CO.HAVE RECORD OF ALL CUSTOMERS AND CUSTOMERS ALSO SUBMITED THEIR APPLICATIONS THEN WHY GOVERNMENT NOT PAYING MONEY OF POOR PEOPLE OF INDIA.
GOVERNMENT BAN ON THIS COMPANY BY SEBI VERY FAST ,BUT WHEN SEBI WILL RETURN THE FUNDS WHO INVESTED THIS COMPONY.SIX YEAR PASS AWAY PEOPLE ARE WAITING FOR THEIR MONEY.
COMPANY WHY GOVERNMENT NOT SOLVING PROBEM OF PEOPLE OF INDIA

riteshcalcutta

5 years ago

Any place to submit claim for Sahara ?

sanjyrajput18967

5 years ago

Sar Mera Paisa kab milega tu 22,000 hai