The Securities and Exchange Board of India (SEBI), pursuant to order dated February 02, 2016 passed by the Hon’ble Supreme Court of India in the matter of SubrataBhattacharya V. Securities and Exchange Board of India (CA No. 13301/2015) and other connected matters, constituted a Committee under the Chairmanship of Justice (Retd.) R.M. Lodha, former CJI, for selling the properties of PACL Ltd. and using the sale proceeds to refund investors who have invested moniesin PACL Ltd.The Committee is taking all requsitesteps to perform its mandate under the overall supervision of Hon’ble Supreme Courtand has filed reports before the Hon’ble Court, which reports are available on theSEBI websiteviz.
https://www.sebi.gov.in/PACL.html.TheCommittee had sought online refund applicationsvide press release dated February 08, 2019 from investors of PACL Limited. Applications filed by the investors for claimsupto Rs.5000 are currently being processedfor effecting refund.Further, in the current refund process, claim applicationsof investorswho are in possession of the requisite documentationsuch as original bond certificate and original outstandingreceipt(s) of payment, etc. are beingconsidered, subject to uploading of scanned copies of the same. Other investors with claims in excess of Rs. 5000 as well asother cases, such as claim applicationsfromnominees or legalheirs orwhere investor does not possess any receipts or is in possession of only a fewreceipts or just the last receipt and/ or does not possess the bond certificate or investor has only acknowledgement issued by PACL, etc., are requested to await notification by the Committee with respect to such claims, in due course.
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1. Justice (Retd.) R M Lodha Committee in the matter of PACL Limited (“Committee”) has received over 29,000 documents pertaining to the properties of PACL, its group entities and related parties. Scanned copies of the documents pertaining to the said properties currently available for sale (the “Properties”) are accessible on the Committee’s website - www.auctionpacl.com.
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