In consistence of request dated February 2, 2016 of this Hon’ble Court, the Committee got a measure of INR 122 Crores from the Registrar of the Hon’ble Delhi High Court.
The Committee has been and keeps on endeavoring all endeavors to guarantee promote recuperation.
FDRs of PACL with various Banks:
After constant follow up with the Banks, the Committee has been able to recover Rs.4,93,628,76.84/- (Four Crores Ninty Three Lacs Sixty Two Thousand Eight Hundred and Seventy Six rupees and Eighty Four paise Only)
Systematix Venture Capital Trust:
Systematix Venture Capital Trust received 113.45 Crore from PACL subsidiaries from which Rs. 16,86,98,766 has been recovered.
Rents from Hotels of PACL:
The Committee has received property documents relating to hotels in Zirakpur, Chandigarh; Colva, Goa; and Calangute, Goa. An they recovered Rs. 72,37,393 from these resources
As on 31.03.2017, the adjust in the financial balance kept up by the Committee is Rs.319,65,64,959/ – (Rupees Three Hundred Nineteen Crores Sixty Five Lacs Sixty Four Thousand Nine Hundred and Fifty Nine just), comprehensive of the Rs.39.5 Crores stored by M/s Hitesh Packaging Pvt. Ltd. as per the directions of the board of trustees in the matter of procurement of a property at town Rajokri, Delhi.
Properties In Australia :
By the recent judgment of the federal court of Australia now SEBI has full power to put the properties of PACL for auction in Australia. SEBI has proved that money collected from investors in India has been used to purchase the properties in Australia.
A luxury hotel in gold cost is already under the scanner of Australia govt which has been proved the illegal. And it will also be sold to collect money for investors refund.
Document Says PACL has 3 Lakh Acres Land
This particular document by Azad is among the 10,000 other documents that had been submitted to the Honorable Supreme Court of India. The reason why this delay is taking place is explained in the following points:
1. Azad has represented in his document that the land which PACL has collected in the last 7 years i.e. from April 1, 2005 to May 31, 2012 is about 3, 04, 322.17 acres.
2. This number includes the amount of land purchased by PACL for its friends, family members, relatives, associate companies and Board of Directors. In other words, Direct Holding through sale deed (PACL’s own land = 53, 890.68 acres), Holdings through general power of attorney/agreement to sale (2, 14, 939.17 acres) and Holding through Associate Companies (35, 492. 30 acres).
3. The Total Duty paid by PACL to the Government of India for the number of plots allotted to investors is Rs.19, 284. This number is from the year 2002 to 2011. Till 31 -03 – 2014, PACL had allotted plots to about 4.63 crores investors.
4. It can be clearly seen that the land which PACL had purchased in its own name is just about 17.7%, whereas rest of the land was purchased from PACL funds for PACL’s associate companies, members of the management and other senior officials.
5. However, this rest of the land can be taken over by PACL in times of crisis/disputes, according to the Custodian Agreement. The question which arises here is that, if this amount of land was purchased and acquired by PACL group in just 7 years, then what would be the percentage of land acquired by Pearls Group in the past years, whose information and data is still undisclosed.
6. If the Lodha Committee or the Supreme Court orders auction of this land plus the land acquired in the past years is auctioned as well, then all the 60 million duped investors can be refunded.
7. The major concern here is, why the delay? This delay is because of the vested interests of the people of Management, higher officials, senior officials, who also have their respective shares in the land purchased by PACL, and these very people are causing unnecessary delay in the recovery process so that they themselves can use their share of land for as long as they want to use it.