Sebi cracks whip on PACL's Rs 50,000-cr investment scheme

Written By Unknown on Sabtu, 23 Agustus 2014 | 21.03

The market regulator bars promoters from collecting any money or launching any new collective investment scheme.

After Sahara and Sarada, market regulator Sebi has decided to crack the whip on Rajasthan-based real estate major Pearl Agrotech Corporation (PACL). The company has been asked to refund Rs 50,000 crore to people who invested in its collective investment scheme since 2005.

Sebi, armed with Supreme Court judgment on Friday passed an order against PACL, its promoters and directors, which include Tarlochan Singh, Sukhdev Singh, Gurmeet Singh and Subrata Bhattacharya. Sebi has abstained them from collecting any money or launching any new collective investment scheme.

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This is by far the largest refund order from Sebi as it eclipses the Rs 24,000 crore refund order on Sahara group companies.

PACL has raised over Rs 49,100 crore since 2005 as per the submissions made by the company to Sebi. The market regulator fears that this amount could be more than Rs 50,000 crore since the company failed to furnish details between April 2012 and February 2013.

The company has been dealing with buying and selling of land assets from money raised from over 5.85 crore investors since 2005. It claims it has paid off 1.22 crore investors and that the outstanding that it owes to over 4.63 crore investors stands at over Rs 29,400 crore.

As per the submissions of PACL, it has agricultural and commercial land assets worth over Rs 11,700 crore. Sebi in its order has asked the company to wind up the operations and refund the money with promised return within 3 months and submit a report in 15 days after the completion of the refund process.

It has also asked the company to submit all inventories of assets and barred the company from selling any assets other than for the purpose of refunding the investors.

Failure to comply with the order, Sebi will be barring the promoters and directors from the securities market. It will also refer the case to the state government and local police to register a case against the company and the directors and promoters. Sebi will also initiate actions against the company and attach the property and ask the Ministry of Corporate Affairs to initiate winding up of the company.


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