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The Securities Appellate Tribunal (SAT) on Wednesday upheld the order of the market regulator, Securities and Exchange Board of India (Sebi) against Pearl Agrotech Corporation (PACL).
SAT in the pronouncement stated that agree with Sebi order that PACL is an illegal collective investment scheme (CIS).
PACL is now required to wind up operation within three months from the date of the SAT order.
In an order issued on 22 August 2014, Sebi said it found PACL violating CIS regulations by mobilising the money without registering with the regulator. The regulator had directed the company to refund close to Rs 30,000 crore raised from some 58.5 million customers through the CIS.
