Reacting to media reports of a chit fund fraud allegedly perpetrated at the company, PACL India Ltd (Pearls) Group CEO Jyoti Narayan today said the firm is a real estate developer and never indulged in any type of chit fund business to make double or triple the money.
He strongly condemned the news published by a section of the media that claimed a chit fund fraud has been unearthed at the company and its directors are not traceable.
Narayan emphasised that all of PACL's directors are sitting in the company's offices in New Delhi and the company holds some of the biggest land and property assets in the country.
He said if there were any doubts of the conduct of the company directors, they could be contacted for clarification.
Narayan was speaking to local journalists at a private function here last night. He also assured all depositors that if anybody wants to take back their deposits against houses or any other cause, they should come forward with a request to take the money back.
He said the company is dealing in real estate and not in chit funds, with offices all over India.
He also appealed to the public to contact only company-authorised people.
The government today said it has granted Maharatna status to Bharat Heavy Electricals Ltd and Gas Authority of India Ltd.