PACL's duped investors to protest at SEBI HQ on February 26
In a first, thousands of investors from across India who were duped by PACL Ltd of crores of rupees will take out a protest march to the Securities and Exchange Board of India (SEBI) headquarters here on February 26 to demand their money back.
 
Rallying under the banner of Janlok Pratishthan, these investors of erstwhile Pearls Infrastructure Projects will march to the SEBI headquarters in the Bandra Kurla Complex to demand their money, said its President Sunanda Kadam.
 
"The SEBI has consistently failed to protect small investors, including those of PACL, who have been duped out of their hard earned monies. Small depositors are at the receiving end as the SEBI is proving lax in safeguarding our interests from defaulting companies like PACL," Kadam told IANS.
 
Around 200,000 protesters are expected to rally to condemn the "inaction of SEBI which has just become a bureaucratic entity and failed to check increasing financial frauds and Ponzi schemes in the country", she added.
 
Kadam said after the real estate development company PACL's fraud came to light, investors group Janlok Pratishthan had moved the court. The Supreme Court had constituted a committee under Justice R.M. Lodha.
 
It also ruled that the properties of PACL be auctioned and the proceeds utilised to repay PACL investors with interest within six months.
 
She claimed that even two years after the apex court ruling, PACL had deposited only Rs 370 crore with the committee, and that the Supreme Court orders had been flouted in the process.
 
The Janlok Pratishthan later learnt that PACL had sold a luxury hotel in Australia and its proceeds of around Rs 400 crore remained blocked in an escrow account.
 
However, the SEBI has not initiated concrete steps to recover the money and ensure refunds to nearly six crore PACL investors so far, Kadam rued.
 
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.
 

 

  • COMMENTS

    Chirayu Chopda

    1 year ago

    Sir i came to know about this today. can i submit it now. my contact no. - 7744926082

    Shrijot Goral

    1 year ago

    Plz keep us updating regarding the next principal amount

    Amit Kumar

    1 year ago

    Mera pacl main 13500 jma form process ke liye Kya karna hai please coll or SMS 7068875108 Amit kumar

    Lathika Lathika

    1 year ago

    Sir many people couldnt update. Only poor people cheated. They dont know how to apply. Many poor investors didnt get news.they give chance.

    Lathika Lathika

    1 year ago

    Sir,I works as a pacl agent.I have joined many people. They asked me abt their investment. Pls let me know how i can apply .let me know how I would receive investment money.

    ketan

    1 year ago

    सर मेने रु २५०० तक के रिफंड के लिए डोक्युमेन्टस सबमीट कर रहा था तब आधी प्रक्रीया होने के बाद मेरी कोमप्युटर सिस्टम हेंग हो गयी,डोक्युमेन्टस सबमीट करना बाकी था, अब दुबारा कोशीस करता हु तो allready uploaded एसा मेसेज आता हे तो मे क्या करु,pl replay

    Himakshi Baishya

    1 year ago

    Sir, I had deposited Rs320 monthly and my mother had fixed Rs20000. Are we applicable for the refund process which is presently going on. Please reply

    REPLY

    MD Hussain

    In Reply to Himakshi Baishya 1 year ago

    How Many instalment of Rs.320 paid??

    Himakshi Baishya

    In Reply to MD Hussain 1 year ago

    All

    AJAYBHAN VERMA

    1 year ago

    ये बताओ सर जब कुछ साल पहिले चेक बन रहा था तब हम भे कई लोगों का बांड औऱ आखरी रसीद जमा किये थे अब जब ये प्रकिर्या है तब मैं क्या करूँ कैसे लगाया जाय कोई उपाय हो तो बताओ plese

    REPLY

    Anand Hurakadli

    In Reply to AJAYBHAN VERMA 1 year ago

    At the time of submission of bonds they provided Receipt.
    You should upload receipt.

    laly jose

    1 year ago

    please refund the money as early as possible...

    IFC’s study shows improved Corporate Governance standards in BSE 100 companies
    IFC, BSE and Institutional Investor Advisory Services India Limited (IiAS) have found improvement in governance standards of Indian companies over the last one year, according to a release from IFC. The Corporate Governance Scorecard for 2017, a study done on companies forming the S&P BSE 100 index, constituting 67% market capitalisation of the stock exchange, aims to increase transparency and provide confidence to investors globally.  
     
    The study suggests that more than 90% of the Sensex-30 companies have ameliorated in providing adequate disclosures and inducting more women directors. Additionally, the number of Sensex-30 companies giving detailed minutes of the Annual General Meetings, disclosures on succession planning and facilitating shareholder participation doubled in the last one year. The BSE 100 companies have improved on information standards with scores ranging between 85 and 50. 
     
    “Companies have scored over 80% in each of the four scoring categories, but no one company has scored well across all categories. This shows that while there is room for improvement, a high score is achievable,” said Amit Tandon, managing director, IiAS. 
     
    The Corporate Governance Scorecard tool, launched in December 2016, aims to help companies identify areas of improvement against best practices and promote effective decision making. Some other key insights of the study include better governed companies having relatively lower stock volatility and institutionally-owned companies having better governance scores as compared to other forms of ownership.
     
    The 2017 Scorecard highlights several areas of improvement for Indian companies including better clarity on effectiveness of policies, improvement in board effectiveness, and enforcement of shareholder rights.
  • User

    COMMENTS

    imtiyaz ahmad

    5 months ago

    I had lost my reciept of bond submission what can i do please help

    sudi mahar sudi

    5 months ago

    Dear Sir HOW SUBMIT OUR DOCUMENT PLEASE SEND FORMAT OUR MAIL ID [email protected]
    9741557102

    NARESH GUPTA

    6 months ago

    Sir, policy holder and nominated person have expired. Kya successor claim kr skta. Or kr skta h to kya documents chahiye
    Thanks

    Arul Kanakaraj

    6 months ago

    My name is Arul , i am one of your client in PACL . As i need the webpage for the refund process , so kindly inform to my mobile number or email id
    My contact no 9710393405 and [email protected]

    Pintu Kumar

    6 months ago

    My name pintu kumar 1100 month
    In 6 year ho gya hai please my money clear karwadigital my no 8084968138 email
    [email protected]

    Ranjeet Kumar

    6 months ago

    Hi,
    Please refund my money. I have submitted it 2015. Rs: 1000.00 how will I get my money back. Please let me know process. Having been asked by agent of PACL.
    Thanks
    Ranjeet kumar
    8800114357

    Sajithkumar Um

    7 months ago

    Today only I came to know about this matter.
    please do as favor About it.
    please advise how can I apply for refund?
    How can i get my cash return?
    If any new news please inform to me as soon
    email:[email protected]

    Kalluprasd Gupta

    7 months ago

    Sir today I know about this pacl news I have invested 90,000 rs i have all my information, plz contact me my mobile no is 9930961030

    Ajit Chandravanshi

    8 months ago

    pacl Ka refund kab tak milega sir KoI saHi news Bataye

    Surabhi Saxena

    10 months ago

    Hello Sir,
    My father invested in PACL and got to know now for refund requests we have all receipts with us . Also we have send twice application for refund in PACL offices but no response.
    Kindly let me know how can we claim our amount .
    Please let me know further @[email protected]

    Thanks in advance

    Virendra Arsey

    10 months ago

    today we came know abt refund claim. I have invested 25000. Now application form is not available. Pls suggest other ways to submit my claim. We want the money back.
    my mobile No.9424955369

    Akshay Kinekar

    1 year ago

    Hi.. Sir my father invested 50000 rs we didn't get any information about court order I came to know about refund process he has all the recepit and when would we able to get back our money today only i came to know about this. Please help what to do now? My email id is [email protected]

    Divya R

    1 year ago

    Hi... My mom acts as a agent and many people have invested we didn't get any information about court order just few days before she came to know what should we do now to claim all money

    pooja yad

    1 year ago

    please refund the money as early as possible.my contact no. 9873936171

    Sachin Ghanwat

    1 year ago

    Sir mere papa ne isme 1,20000 Rs investment kiye he sir ,she has all the recepit and when would we able to get back our money

    Strong stance by MSCI on ban on sharing market data outside India; asks BSE, NSE and SEBI to reconsider
    MSCI Inc, a provider of equity, fixed income, hedge fund stock market indexes, and equity portfolio analysis tools, has asked Securities and Exchange Board of India (SEBI), as well as National Stock Exchange (NSE), the Bombay Stock Exchange (BSE) and the Metropolitan Stock Exchange (MSEI) to reconsider their move of impose anti-competitive measures and restricting access to Indian equity market.
     
    In a strong statement, MSCI said, "...the breadth of the restrictions announced by the Indian exchanges is unprecedented in any equity market in the MSCI Emerging Markets Index series. MSCI strongly suggests the Indian exchanges and their regulator, SEBI, reconsider this unprecedented anti-competitive action before it leads to any unnecessary disruptions in trading or a potential change in the market classification of the Indian market in the MSCI Indexes."
     
    Last week, NSE, BSE and MSEI together announced that they will no longer provide stock exchange information to any foreign exchange or trading platform for trading or settling derivatives, and will no longer license or provide market data to any index provider or its licensees for the creation of indexes or derivative financial products based on such indexes that would be traded or settled on a non-Indian exchange or trading platform where the weight of Indian
    securities in the index is at least 25%. The restriction would apply to all derivatives that are traded or settled on a non-Indian exchange or trading platform, whether they were issued by an exchange or by some other party. 
     
    The announcement also refers to the imposition of a written pre-approval restriction on the issuance of certain exchange-traded funds (ETFs) and exchange-traded notes (ETNs) or similar products based on indexes, but the full scope of the restriction is not yet clear.
     
    MSCI says, "Based on the exchanges’ press release, we understand that the exchanges do not seek to impose a precipitous or disorderly wind down of the various products that would be affected in many markets around the world. Nonetheless, given the breadth of the application of the changes referred to in the announcement, we believe that if the changes are put into effect, the result will be disruptive and harmful to international institutional investors in Indian equities whether accessing the market onshore or offshore."
     
    Under its market classification framework, MSCI says, anti-competitive measures restricting investors' access to derived stock exchange information receive a negative score in the Competitive Landscape category. "This is because of their negative impact on international institutional investors as the range of available financial instruments may be significantly reduced, limiting ways for cross-border investors to access a local market or to hedge an exposure to a local market," it added.
     
    MSCI says, introduction of restrictive measures that may result in a material deterioration of the accessibility of an equity market is reviewed carefully by it in consultation with international institutional investors and other market participants and could lead to a change in market classification.
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    User

    COMMENTS

    Shivar Kumar

    9 months ago

    Just today we came know abt refund claim. I have invested 10000. Now application form is not available. Pls suggest other ways to submit my claim. We want the money back. My phone no;9840973135

    pooja yad

    1 year ago

    please refund the money as early as possible.

    Sachin Ghanwat

    1 year ago

    My mob no 9503562683 plzz call me

    Sreedevi Ammu

    1 year ago

    iam invested money RS40000 please give information in refund

    Sheshadri Chaithra

    1 year ago

    Dear sir,
    I am invested money Rs.30,000/- Please give information in refund.

    Umesh Nalla

    1 year ago

    Dear Team,
    My father has invested his hard earned money in [email protected] Surat....I came to know today only on refund part..we missed the date..please help me how to opt for refund....
    I plead to help us on this......

    Srinivasan R

    1 year ago

    Hi my name is srini In PACL my mom has been invested under her name N.Vasanthi now only I get to know about refund process kindly help me out in refund process

    REPLY

    Umesh Nalla

    In Reply to Srinivasan R 1 year ago

    Hi Sir, have u got any update ....?

    Lathika Lathika

    1 year ago

    Sir I couldnt update my documents. Let me update

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