PACL: Investors Can Submit Claims Online for Money Refund, Says SEBI
Market regulator Securities and Exchange Board of India (SEBI) has said the Justice RM Lodha Committee has decided to allow investors to file claims for PACL Ltd.
 
In a statement, SEBI says, "The Committee has now decided to receive claims from all investors having outstanding claims with PACL. Investors desirous of submitting their claim applications may access the dedicated website, http://sebipaclrefund.co.in/."
 
However, the market regulator has cautioned investors not to give away their original registration certificates of PACL investment to anyone, unless the Lodha Committee gives specific intimation.
 
"...refund of amounts claimed will be considered only upon the completion of the entire process of receipt of applications and be based on the availability of funds with the Committee," SEBI has clarified.
 
In the first instance, investors of PACL whose total outstanding principal amount was up to Rs2,500 were refunded the money and according to SEBI, this process is now over. About 1,13,000 investors, who had filed claims in prescribed forms, have received up to Rs2,500 each. This claim were allowed to be submitted till 31 March 2018.  
 
Separately, SEBI warned investors not to buy or sell with the properties of PACL or the company's subsidiaries. It says, "...the Committee has not authorised any individual or entity to sell the properties of PACL. It is also stated that any attempt by individuals or entities to illegally and unauthorisedly take possession of the properties of PACL will invite necessary action under law."
 
Last month, SEBI disclosed details of 29,000 properties of PACL, the Ponzi scheme that went bust. These details, says SEBI in a press release issued today, are available on the website www.auctionpacl.com.
 
Last month, the Australian Federal Court had accepted claim filed by SEBI on assets of PACL in that country. The Australian Federal Court also stated that as per three orders passed by Supreme Court of India, SEBI Act, SEBI Regulations, the Indian market regulator has full right, interest, power and authority to seek relief in Australia in the PACL case.
 
After observing that the money mobilised by PACL from investors was utilised for acquiring certain assets in Australia, as directed by Justice RM Lodha Committee, SEBI had filed a claim petition in the Federal Court of Australia seeking repatriation of the assets or the proceeds thereof on behalf of all the investors in PACL.
 
During September 2018, the Enforcement Directorate had filed a charge sheet against PACL (erstwhile Pearls) and its chief Nirmal Singh Bhangoo in connection with a Ponzi scam involving over Rs49,100 crore, which was collected allegedly by two companies from 55 million investors.
 
Apart from Mr Bhangoo, who is in judicial custody, his three colleagues and other persons have also been named in the ED chargesheet filed in a special court under the Prevention of Money Laundering Act (PMLA).
 
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COMMENTS

Lavi bajwa

7 hours ago

This website of sebipacl is so damn.. Cant upload anything on that website.. I think its bcz of the

Lakshmi Kumari

17 hours ago

This website of sebipacl is so damn.. Cant upload anything on that website.. I think its bcz of the traffic...

Basavaraju NN

3 days ago

Sir Ian suichiation is certainly

Sandeep Singh Negi

3 days ago

Dosto Faridabad (Haryana) se kon kon he..
Sir ham sab ka paisa milega ya nhi.. Please reply sir sab log bahut pareshan he.

REPLY

Sandeep Singh Negi

In Reply to Sandeep Singh Negi 3 days ago

😭😭😭😭😔😔😔😔😫😫😥

Deepak Sagar

4 days ago

Refaud et now

Yashodhara S. P

4 days ago

Dear sir, I have a prematured PACL certificate only and don't have any of monthly paid receipts, therefore how can I fill a answers as per your applications as Total Number of PACL certificate/Receipts, Total claim amount. How can I calculate total claim amount? Please help me sir...

REPLY

Lakshmi Kumari

In Reply to Yashodhara S. P 17 hours ago

Same question as ask yeshoda madam

Lakshmi Kumari

In Reply to Yashodhara S. P 17 hours ago

Help me

Raushan Sahani

4 days ago

please sir sebipacl news

Khursheed Alam

4 days ago

refund it now

SUNIL P M

4 days ago

Money refund now

ravi ravi

5 days ago

where is application form which site go to download please tell me sir

ravi ravi

5 days ago

sir my money refund or not refund

Md Danish

5 days ago

Sir how is it application f

?ârø 4754

5 days ago

I have submitted my applicationfor registration OTP also received but where the OTP submitt

jeewan badyal

5 days ago

Please send any contact no for more information

jeewan badyal

5 days ago

Sir site not opened, please send correct option

MTNL seeks Rs 500 crore from DoT to pay January salary
Unable to pay salaries to its employees for a third consecutive month in January, state-run MTNL has raised pending dues of Rs 500 crore from the Department of Telecom (DoT) for the period 2000-13.
 
The Mahanagar Telephone Nigam Ltd (MTNL) seeks reimbursement of pension and GPF totalling Rs 488 crore paid to employees absorbed from DoT in MTNL and also for rendering telephone services to DoT employees. 
 
The DoT had leased the lands and buildings of MTNL during this period for which the public sector undertaking wants Rs 12 crore in rentals.
 
An amount of Rs 200 crore from this is meant to settle the wage bill of MTNL employees for January, DoT sources said. 
 
A senior DoT official said the department was examining the MTNL invoices and would release some cash towards the salary payment. The rest would be given after due scrutiny of MTNL documents in support of their claim of Rs 500 crore. 
 
MTNL has an employee strength of around 23,000. Its stock price closed at Rs 12.20 a piece on Monday, just about 1 per cent higher than the previous close. 
 
Earlier, MTNL was paying pension to its employees. But three years back, DoT started funding pensions of MTNL employees. It is on this basis that MTNL is now reclaiming the amount what it has already paid to tide over its current financial crunch. 
 
MTNL reported widening of its loss to Rs 859 crore on standalone basis in the quarter ended on September 30, 2018, mainly on account of increase in finance cost and decline in sales. 
 
The debt-ridden firm posted a loss of Rs 730.64 crore in the same period a year ago. 
 
The finance cost of the company during the period under review increased to Rs 422.72 crore from Rs 366.22 crore. The total income declined by about 21 per cent to Rs 621.26 crore in the reported quarter from Rs 791.1 crore in July-September 2017 quarter. 
 
The auditors of MTNL in a note said that the net worth of the company had been fully eroded. MTNL has a debt of around Rs 19,000 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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COMMENTS

Khaire Ganesh

6 days ago

Please send me the refund investors form link

TCS partners with JDA Software to develop cognitive supply chain solutions
Tata Consultancy Services, a leading global information technology services, consulting and business solutions organisation, announced a global partnership with JDA Software, the leading provider of end-to-end supply chain and retail solutions, to build next-generation cognitive solutions, and offer consulting and system integration services around digital technologies, to optimise supply chains for customers worldwide, according to a press release from the company.
 
The partnership will leverage the TCS Business 4.0 thought leadership framework and JDA Luminate solutions portfolio to develop joint, interoperable technology solutions for supply chains of the future. These solutions will use TCS Machine-First Delivery Model to accelerate human-machine collaboration to solve complex business problems, faster and better, delivering multi-fold productivity improvements and transforming customer experience.
             
Through these solutions, enterprises can harness the power of cloud, AI and ML, allowing them to gain complete supply chain visibility and receive prescriptive recommendations to make accurate, profitable business decisions. Businesses will benefit from real-time predictive analytics and cloud-driven business models that help realise outcome-based supply chain transformations.
 
TCS will establish an end-to-end Cognitive Supply Chain Lab at its Business Solutions Lab in Cincinnati, Ohio, USA to develop quick proofs of concept.

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