PACL, which had raised money from public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.
The Supreme Court-appointed R M Lodha committee -- which is overseeing disposal of PACL assets so as to repay the affected investors -- has started remitting refunds to investors after verification of the claim applications as received.
To start with, the panel in January had invited claims from investors whose total outstanding amount (principal) with PACL is up to Rs 2,500. The process was open till March this year.
Following this, "the committee has started remitting refunds to investors after verification of the claim applications as received. Till date refunds in respect of 1,13,352 claim applications have been credited to the bank accounts provided by the investors in the claim applications", the regulator said in a statement.
In December 2015, Sebi had ordered attachment of all assets of PACL and its promoters and directors for their failure to refund the money which are due to investors.
Sebi had asked them to refund the money in an order dated August 22, 2014. The defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order.
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