Pearl Agrotech Corporation Limited(PACL) has always been in news regarding its Ponzi scheme scams and the various cluster of investors have always fought for their rights. It’s a cheat and fund company which raised approximately Rs. 59000 crores of money in total from all investors over a period of 18 long years in the name of agriculture and Real Estate Businesses. Over the years, various subsidiaries of PACL has been established. PACL has swindled more than Rs.49000 crores of investors’ money and presently the promoters are in Jail. Its like daylight robbery.
Refund of Investors Money
SEBI has taken this issue seriously and over the years, investors are getting their money refunded. A panel headed by R M Lodha initiated a process of refund in two phases, it was like divide and conquer :
- January 2, 2018 – March 31, 2018
- February 8, 2019 – July 31, 2019
First Phase Upto Rs. 2500
In the first phase, refunds were effected in respect of 189103 investors having claim amount up to Rs. 2500/-.
Second Phase Upto Rs. 5000
In the second phase, 277544 investors having claim amount up to Rs. 5000/- have been paid.
Solution for Pending Claims
Various documents ( PACL receipt, claim amount, PAN, Bank account number, bank name, and IFSC code ) needs to be submitted for claiming the amount defaulted along with the application form.
Certain applications in second phase could not be processed on account of deficiencies in application. However panel has notified that it will provide an opportunity for investors to make good the default so that they recover their money quickly. Investors’ credibility on SEBI increases when SEBI addresses the grievances of investors.