Pancard Clubs Limited is a Mumbai-based company that became operational in 1990 that
runs a big hotel chain. In a crackdown in 2010, it was found that Pancard Clubs raised
funds over Rs. 7000 crores from around five million individuals under its holiday scheme.
The holiday packages were a cover-up for an investment scheme that promised a fixed
return to the members.
During an investigation, the Securities and Exchange Board of India (SEBI) found that the
company was running an unregistered collective investment scheme (CIS) without
complying with the provisions of the Companies Act, 1956. PCL allegedly defraud investors
between 2002 and 2014. On 31st July 2014. The capital markets regulator, SEBI asked the
company and its directors not to collect any fresh funds and not to launch new schemes or
companies to collect money.
On 29th February 2016, SEBI ordered PCL to return investors’ money within three months
from the order date. The company has failed to comply with SEBI’s directives. In this
matter, The Serious Fraud Investigation Office (SFIO) had even asked the National
Company of Law Tribunal (NCLT) to freeze companies’ assets along with the bank accounts
After thoroughly looking into the matter, on 22nd February 2018, the securities markets
regulator issued a notice for the sale of PCL’s immovable properties. SEBI had e-auctioned
companies’ properties in Mumbai, Udaipur, and other places. The assets and properties put
for auction include office spaces in Mumbai, a hotel in Thane, and a resort in Udaipur.
However, SEBI has been unable to auction all the properties.
As per the latest updates, the National Company of Law Tribunal, Mumbai on 9th
September 2022, has ordered the initiation of corporate insolvency proceedings of Pancard
Pancard Clubs Limited-Refund Process
PCL investors will be glad to know that the refund process of Pancard Clubs Limited hasbeen initiated by the National Company of Law Tribunal court. The court has set theInsolvency Resolution Process (IRP) in motion for that. A detailed notice containing thesame information has been published in Loksatta on 12th September 2022.
How to apply for the refund?
Investors/depositors of PCL are requested to submit their claims with proofs online by10th December 2022 on the companys official website. Creditors may also present theirclaims in person, by electronic media, or by post.Investors of PCL can furnish the receipt of documents and KYC certificates. A scanned copyof the Aadhar card, PAN Card, canceled check/first page of the bank passbook, member certificates, and 6 months bank statements from maturity date must be uploaded on theclaim form before 10th December 2022. Investors can apply for their claim onpclcirp.dcirrus.co website.