PACL case: Retired judge appointed to hear representations

The Supreme Court-appointed R M Lodha Committee, overseeing the disposal of assets of PACL group to refund investors, has appointed a retired judge to hear any representations pertaining to the panel's work.
Markets regulator Sebi had found that PACL had raised more than Rs 60,000 crore by way of illegal collective investment schemes in the name of agriculture and real estate business.
In the matter, the Supreme Court had constituted a committee under the chairmanship of R M Lodha, retired justice of the apex court. The panel is overseeing the sale of properties of PACL and the proceeds would be utilised to refund the investors concerned.

Lodha Committee has appointed R S Virk, a retired district judge, "for hearing the objections/ representations" in respect of the work being undertaken by the panel, Sebi said in a release today.
According to the release, the Supreme Court has been intimated of the appointment of Virk and through an order dated November 15, the court has taken the view that all applicants put up their cases before Virk.
"It is hereby informed that all objections/ representations in respect of the work being undertaken by the PACL Committee be sent to the office of R S Virk," it added.