The Lodha Committee has recovered a huge sum to refund the PACL investors. The committee received numerous proposals from many different people, organizations including PACL itself. All these counter proposals which requested to accept their proposals regarding the selling of PACL assets.
Lodha Committee Auctions 113 PACL Properties
The R.M. Lodha Committee has already auctioned 113 properties of PACL Ltd. and Pearls management was also asked to submit all the details regarding their property and assets within 4 weeks. PACL also submitted their proposal for purchasing their properties but the following companies offered a higher price and a better deal than PACL.
Let us know more about the four companies who sent their requests for the sale proceeds of properties owned by Pearls Limited:
UV Asset Reconstruction Co. Ltd.
Under the provisions of the SARFAESI Act 2002, UV Asset Reconstruction Co. Ltd. (UVARCL) is an organization which is licensed by the Reserve Bank of India (RBI) to actively involve in the business of acquiring assets from banks and in the reconstruction of those properties. Asset Reconstruction Companies (ARCs), under the strict guidelines issued by the RBI can only carry out very limited transactions
Trig Guardforce Ltd.
Trig Guardforce Ltd. earlier offered to pay a total sum of Rs. 27,000 crores within three years but the plan was asked to revise. Thus, this Mumbai based organization agreed to offer Rs. 500 Crores by demand draft within 3 days, to be issued in favor of the Lodha Committee and SEBI.
Janlok Pratishthan is a Pune based NGO which seized some funds from the sold properties of PACL located in Australia. The injunction order that was passed by the Federal Government of Australia helped to raise around 90 million AUD (Rs. 450 crores approx.).
Further, this NGO had also proposed that after they will receive legal rights upon PACL immovable assets, they will deposit a total of Rs. 49,100 crores in five years.
Sunland Properties Pvt. Ltd.
This Tamil Nadu based entity held a global investors meet in January this year which was a great success as it attracted near about Rs. 3 lakhs crores of investment. These funds were raised via many different MOUs that were signed among the Tamil Nadu government and MNCs based in Sunland’s partner countries such as United Kingdom, France, Australia, Korea, Singapore and Japan.
PACL lands are available in Virudhunagar, Ramanathapuram and Tirunelveli districts of Tamil Nadu. These big land parcels can be offered to the MNCs listed above and also to TIDCO / SIPCOT.
Auction Isn’t Over As Yet But Refunds Expected Very Soon
After the sale proceeds started, the Lodha Committee announced that all the funds that will be generated from these sale proceeds will be credited straight to the SEBI India account that is designated for this purpose. Now, with the numerous counter proposals received from many different entities including the four organizations mentioned above, the R.M. Lodha Committee shall be announcing the end of the auction process anytime.
But, one thing is for sure that the people waiting for their refunds shall be receiving them very soon because the SEBI India PACL property bidding process shall be over very soon.
SEBI and the Lodha Committee has already gathered enough amount to pay back investors and now with the ending of the PACL Online Claim Application forms, the day is not too far when all the investors awaiting their refunds shall get all their money back into their accounts.