On Tuesday, the Securities Appellate Tribunal (SAT) supported the fine given by market regulator SEBI. The SEBI passed the order on September 2017.
The fine of Rs 2,423 crore was imposed on four directors of PACL Ltd for illegally collecting money from the public through the various unregistered schemes between 2013 and 2014.
The decision came after the appeal was filed by the director and the company in SAT. After passing the order, the tribunal said that according to him the money collected by the company was illegal. The OA(adjudicating officer) has made decision that profit which was made by collecting this money was illegal and is not justified by any law.
He added that the issue should not be any more argued or stretched over as our decision and SEBI’s decision is same. The tribunal further collected the information that the amount was not refunded to the investors.
The four directors- Tarlochan Singh, Sukhdev Singh, Gurmeet Singh and Subrata Bhattacharya will jointly paid the fine imposed on them on September 2017 for not following the provisions of the Prevention of Fraudulent and Unfair Trade Practices(PFUTP) Regulations.