Sebi invites fresh counter bids for PACL group properties

Markets regulator Sebi today invited fresh proposals from interested entities for the properties belonging to PACL group after receiving a new bid from the company.

The entities have been asked to submit counter proposals till July 17 to the R M Lodha committee, in response to the new proposal submitted by PACL, the regulator said in a public notice.

The committee has "received a revised proposal dated July 3, 2018 from PACL Ltd. The committee will consider counter proposals/revised proposals from persons or entities or corporates including PACL Ltd offering consideration higher than the revised proposal of PACL Ltd," the regulator noted.

The committee has received a fresh proposal from PACL revising the total offer value for the properties to Rs 23,000 crore from Rs 20,000 crore earlier, Sebi said.

The move is part of efforts made by the Securities and Exchange Board of India (Sebi) to recover funds totalling Rs 60,000 crore.

PACL, also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.

The panel, headed by former Chief Justice of India R M Lodha, is overseeing the process of disposing of properties to refund investors after verifying their genuineness. Sebi had set up the high-level committee following a Supreme Court order.

Earlier in May, the regulator had invited proposals from interested entities that can offer higher bid for the properties belonging to PACL group, than the offer made by the company in April.

The entities were asked to submit counter proposals till June 21. The regulator received proposals from nine entities.