Panel warns public from dealing in PACL's property

Seeking to protect the interest of investors in PACL's illegal money-pooling case, a high-level panel today warned the public from dealing in any property owned by the company.
The committee, chaired by former Chief Justice of India R M Lodha, said such a dealing will be considered unauthorised and liable to appropriate action.
The panel is in the process of selling all the properties of PACL in order to repay investors.
PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected over Rs 49,000 crore through illegal collective investment schemes over a period of 18 years.

In a public announcement, the committee has warned public at large against dealing in any property of PACL.
"The public at large is further informed/warned not to buy/sell/deal with in any manner with such property owned by PACL, its associate, group companies, employees, directors, others etc wherein PACL has a right or interest including property which have bee seized by the CBI or any other agency/ authority," it said.

It said dealing of any kind with respect to the property of PACL other than the committee shall be "unauthorised and liable to appropriate action".
The committee has also cautioned investors from sharing any documents of their investment in PACL schemes with the company or any other person.

It also asked investors "not to make any new investment or any other payment towards installments or otherwise to PACL or its officers or agents."
Following a Supreme Court order, markets regulator Sebi has set up the high-level committee to ensure refunds in the PACL case are made to genuine investors.
Earlier, the Securities and Exchange Board of India (Sebi) advised investors concerned to hold on to the original documents and submit them for refund.
"It is advised not to yield to any pressure from any person, including PACL or their agents, for converting or switching over existing investments to any of their other schemes, if any," it had said.