A SEBI high-level committee on Tuesday asked the investors of PACL to submit their original registration certificates by June 30 only after receiving SMS from the panel.

This is applicable only to those investors whose refund money is between Rs 10,001 to Rs 15,000 and whose applications have been verified which they had applied in the online process.

“Original certificates will be accepted from 1st April, 2022 to 30th June, 2022,” (SEBI) said.

The panel is overseeing the process of auctioning the properties of PACL for a refund of investors after verifying them. It has already started the refund process.

PACL, also known as Pearl Group, which had raised funds from the public in the name of agriculture and real estate businesses, was found by SEBI to have invested money through illegal Collective Investment Schemes (CIS) over a period of 18 years. 60,000 crores have been collected.

In the press release, the Lodha committee said it has “decided to call for original PACL registration certificates from eligible investors with claims ranging between Rs 10,001 to Rs 15,000, whose applications have been successfully verified”.

For this, an SMS will be sent to the investors in which they will be asked to submit the original certificate of registration.

They have to send this certificate by Registered or Speed ​​Post to SEBI Headquarters in Mumbai.

In December 2015, SEBI had ordered the attachment of all properties of PACL and its nine directors and directors after failing to return the money owed to investors.

SEBI had asked PACL directors to refund the money in an order passed in August 2014. Also, the defaulters were directed to close the schemes and return the money to the investors within three months from the date of the order.

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