The Lodha Committee and the market regulator, SEBI India were tasked to get generate refunds for people who invested their hard earned money in the real estate development company, PACL. Last year the Committee refunded those investors whose principal amount invested in PACL was ₹2500 or below. Now, SEBI India has released a new piece of information for all the affected investors eagerly waiting for their refunds. Let us discuss below this latest update on PACL refunds:
Refunds for Investors with Claims up to ₹5000
There are four main things to note with respect to the new updates on PACL refunds issued by SEBI:
- SEBI India has announced that it is processing the refund claims for investors whose principal sum invested in PACL invested was up to ₹5000. This clearly implies that refunds are underway and people waiting for their money might receive it any time. Soon, people with claims up to ₹5000 shall be given their money back.
- SEBI India is also looking into the claim applications of those who possess original bond
certificates and receipts of their investments made. Scanned copies of such bonds and receipts shall be uploaded by the SEBI.
- The investors with claims above ₹5000 and any other pending case of refunds have been asked by SEBI to wait for new notifications or updates by the Committee regarding their refunds claims.
- SEBI has ensured that it shall look into matters where the nominees or legal heirs of investors have said that they do not possess any receipts to show as proof.