SEBI orders fresh auction of Pancard Clubs’ properties
Raju Vernekar 23 July 2018
As part of its ongoing exercise to recover Rs7035 crore to pay off over 51.55 lakh investors duped by the Pancard Clubs Limited (PCL), the Securities and Exchange Board of India (SEBI) has announced an e-auction of PCL’s properties located all over India, including Mumbai and Thane.
SEBI, which by now has auctioned nearly 57 properties and sealed 27 properties, has issued a fresh notification on 17 July, for the sale of immovable properties and vehicles. The immovable properties offered for sale, located in and around Mumbai include: a basement, ground floor and first floor at Khatau House, Mahim West (3788,1480, 8108.52 sqft respectively), 14 galas located at Kalyandas Bhawan, Dadar ( 6836 sqft), Hotel United- 21, Thane (3264.21 sqm), flat No 103, Gorai Shri Ashish Cooperative Housing Society, Borivali West (750 sqft), ground plus mezzanine floor, Vardhman Industrial Complex, Thane West (248.04 sqm) and three offices situated near Nerul railway station, Navi Mumbai (4129 sqft).
The properties in other parts of Maharashtra include: Hotel United-21, Lonawala, near Pune (10.114 sqm), 12 Bungalows at Lonawala, near Pune (4950 sqm Hotel United 21, Haveli, Pune (49,500 sqm), Resorts at Mahabaleshwar, Satara (8720 sqm) and Tiger Camp resort, Chandrapur (8.79 acres).
The properties elsewhere in the country include: land at Varca, Salcete, Goa (500 sqm), Hotel United-21, Somnath, Gujarath (12,800 sqm), Lake City Resort, Udaipur, Rajasthan (3245.2 sqm), Tiger Habitat, Kanha, Madhya Pradesh (3.28 acres), Jungle resort and Seoni, MP (3.53 acres).
The properties in the south include: land at Kodagu, Coorg, Karnatak (32.49 acres), Resort at Mysore, Karnataka ( 1384.23 sqm), land parcels at Kottayam, Kerala ( 14.14 acres), Resort, Dindigul, Tamil Nadu( 2acre) and Hotel United 21, Nilgriris, Tamil Nadu (5 acres).
Other parties include: Resort at Durgapur, Burdwan, West Bengal (11719 sqm), Hotel United 21, Mandarmoni, Beach View, West Bengal (7769.97 sqm), Resort at Paraganas, Sundarban, West Bengal (2.30 acres), Hotel United, Gurgaon, Haryana (2763.40 sqm ) and Hotel United 21, Bhimtal, Nanital, Uttarakhand (7870 sqm).
In addition the e-auction will also be held for sale of vehicles between 10.30 AM to 11.30 AM on 2 August. The vehicles for sale include: Mercedez Benz (MH 46 AK 5555) (reserve price-Rs 71,25,000) (EMD Rs712500/-), Mercedez Benz GL (MH 01 AU 5555) (reserve price-Rs17,25,000) (EMD Rs172500/-), Hyundai Verna (MH 21 BF 5534) (reserve price-Rs4,35,000) (EMD Rs43,500/-), Toyota Innova (MH 01, BG 9959) (reserve price-Rs791250) (EMD Rs79,100/-) and Maruti Alto (MH 01 BF 2841) (reserve price-Rs117750) (EMD Rs11,800/-).
PCL started in 1990 andmobilized money under its holiday scheme. It offered one and half time returns on money invested for three years, double returns after 6 years, two and half times returns after 9 years and two and three times returns after 10 years. PCL is alleged to have duped investors between 2002 and 2014 through its various holiday and collective investment schemes. 
Till 2010-2011 the activities of PCL were normal. In 2010, SEBI scrutinized the documents relating to the business carried on by PCL and objected to its activities saying that its share capital stood at a meagre Rs50 lakh, while the money mobilized under its holiday scheme was over Rs7,000 crore. Besides, investment to the tune of over Rs1,000 crore was made towards acquiring hotels and resorts, thereby expanding inventory of properties on offer in the holiday scheme by utilising the proceeds of its money doubling  scheme.
SEBI noted that Pancard Clubs mobilised Rs7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes. On 31 July 2014, it asked the company and its directors --"not to collect any fresh money from investors under its existing scheme” and "not to launch any new schemes or plans or float any new companies to raise fresh money.” 
In November 2015, the the Securities Appellate Tribunal (SAT) asked PCL to immediately repay investors who had filed the intervention application. On 29 February 2016, SEBI ordered PCL, to provide full inventory of all the assets and details of properties held by its directors.
The company had failed to comply with SEBI’s directions issued in February 2016, to refund to investors their money. CMD late Sudhir Morawekar, Shobha Barde, Usha Tari, Manish Gandhi, Chandrasen Bhise and Ramchandran Ramkrishnan were the “directors” of PCL.
“The corpus of money accumulated by PCL by way of contributions to the holiday scheme was well above the limit of Rs100 crore set under the proviso of clause 1 of subsection 2 of Section 11AA of the SEBI Act, crossing which, a scheme is deemed to be a CIS," the Bench of Justice JP Devadhar, Jog Singh and Dr. CKG Nair Of Securities Appellate Tribunal (SAT) had said in its order. 
The Bench had stated, that “the PCL transferred these investments to other schemes but gave a false affidavit that investors have voluntarily switched over to the non-refundable schemes. This was an attempt to deprive the investors of benefits which were originally promised by the company under its earlier schemes.”
On 12 May 2017, SAT upheld SEBI’s order that PCL is a CIS and needs to be wound up. SAT directed PCL to refund investors’ money within three months. However the investors are yet to get refund of their money. PCL was closed down by SEBI since May 2017.
Now the investors do not know to whom they should return their matured policy certificates. Some of the PCL’s hotels and restaurants are still functioning. As such SEBI should inform investors how much revenue PCL is collecting and to ensure that the investors’ money is refunded, Rashtrashakti Investors Co-ordination Committee (RICC) President Dnyaneshwar Darwatkar said.
3 years ago
Dear Sir/Madam

This is to inform you United 21 Mandarmoni resort (Pan card club) GM Mr. Bijan kanti Das & RGM Mr. MANISH SINHA they are already given this property as a lease others company ,

company name Linked leisure club & hotels pvt ltd and Dyatra guru ( Partha saha & Mandovi saha)

Mr. Manish sinha and Bijan Kanti Das taken advance also approx 10 lakh and per month 2.5 lakh lease amount ,

we are helpless because no one inform regarding this matter ,last week this partha saha and mandovi saha visit our hotel and inform us, we are take over this hotel,

we are 15 staff and our family need your help with out your help we can't fight them,

1st Of nov to 31st of may we are earning profit approx. 10 lakh but our Manager Mr, Bijan kanti Das and Manish sinha take all money from us. new they are hand over this place to 3rd party ,last 06 month we are develop total building and maintenance,

sir we all are know this property are under SEBI ,how it's possible to lease others company.

please help us and please take action This four parson (Mr. bijan kanti das ,Mr. Manish sinha, Mr. Partha saha and mandovi saha)

if we are run this property with your supervision,please authorism us to run this proparty.

They are operating by 1st of July ..please find the..attached file to prove...this proparty try to run 03 part...

All staff united 21 mandarmoni
4 years ago
I have invested my large amount of savings in pancards, for future security as to marry my 2 daughter's and my only Son who is also dignosed with Ulcerative Colitis is unable to do anything cause of it in hope I will do my all father duties I invested in their and my wife's name now SEBI is just saying and Auctioning the Pancards Clubs properties but are the Money give. To those who invested we are in the Ship with Hole, with no shore aside... Now it feels like SEBI is doing this otherwise before it none invester complained about there money being stolen by Pancards club... But SEBI is ....if not then why is SEBI taking 2016 to now 24 May, 2020, But no Money is refunded to any of its investers .... even SEBI looks like a Shark to fulp the largest Chunk without anyone knowing it...
If not then when will SEBI refund our money.....
4 years ago
Hard earned money , seems to be vanishing. Suggest what to do.
Ekta Singh
4 years ago
I had invested some money but when our money return back. How will get.
Swapnil Shirawale
5 years ago
I had Invested some money but don't know when our money is return back, when this proceeds is complete.
Aishwarya Jadhav
5 years ago
Pancard club money
5 years ago
It is learnt Sebi has auctioned some properties. But no pqyment to Members of Pancard club ltd. Why?
Shambhavi Shetty
5 years ago
Refund process
Manjunath Balgi
6 years ago
Sir, we have invested more than three lacs in Pan Card Clubs different scheme and all are matured and how and where we have to submit our matured certificates please guide all invester
Replied to Manjunath Balgi comment 6 years ago
Hiii i have also invested a lot in this . Want to ask you some informations. Can you give me your contact or ping me in whatsapp 9883553834
Hanumant Phadtare
Replied to Mrinal comment 6 years ago
You can join this group for information about PCL.
Snehal Pawar Gharat
Replied to Hanumant Phadtare comment 5 years ago
Give whats app link
Manjunath Balgi
6 years ago
What about our investment made in the name of self n wife and children, to whom to approach for our claim of maturity refund please guide all investor to get their hard earned money , even we don't mind to get our initial investment money not double or triple
Ashok Senniappan
6 years ago
Since 1990 the PCL mobilized money under its holiday scheme and SEBI discovered in 2010 that it had only 50 lakh as capital while it had collected 7035 crore to pay off over 51.55 lakh investors and only in in 2010 it came to know that it has crossed the limit fixed for CIS schemes! SEBI great job done awaking from deep sleep after PCL committing irregularities.Why not action initiated its officials for delection of their duty while drawing fat salaries? Is SEBI not helped the company in committing ireggularities.? All the officials should be subjected to questioning like Senator Elezebeth Warren did to Wells forgo executives.
sanjay modak
6 years ago
My wife had invested some money out of her household savings. Don't know if any refund out of the sale of property will be automatic on pro-rata basis or she has to lodge a claim (with whom?).
arun k Dasgupta
6 years ago
SEBI has ordered amalgamation of various Mutual fund schemes sold by the Mutual Fund houses contrary to the options exercised by the buyers and as a result every single investors have lost very sizeable amounts of their portfolio and the loss making ones have been able tocut down their losses to some extent, the profotable ones have lost their profits to subsidize worst performing schemes before amalgamation. While Mutual fund houses have increased their share of profit by diversion of funds , the investors are losing inspite of Sensex being at all time high. This has happened with many funds but one I would like to quote is HDFC Prudence Fund to HDFC Balance Advantage Fund. Has SEBI done any analysis about the relative gain or loss had the participants continued in old scheme and if they have lost because of decision by SEBI on unfounded assumptions, the loss should be borne by them and not by the consumers. To the best of my knowledge neither SEBI nor any Mutual Fund has done any such analysis. What the Regulator is doing is entirely unacceptable.
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