A Committee headed by retired Justice (Retd.) R M Lodha was set-up for the process of refunds to investors of PACL India limited. The Committee has been receiving queries from investors regarding non-receipt of SMS calling for original PACL certificates owing to change of mobile number.
If you are a PACL depositor and still waiting for a refund, make sure your updated number is there in the Committee’s records to get your money back. Depositors will be receiving SMS on their updated mobile number asking for original PACL Certificate. At the time of applying only scanned copies of certificates and receipts were submitted by investors.
Many investors have stated that mobile numbers provided by them during submission of online claims are no longer operational.
Accordingly, the Committee has now provided the facilities to investors or applicants of PACL Ltd. on the SEBI PACL refund web portal. Investors/applicants of PACL can now update/change their registered mobile numbers online on the web portal.
Also, investors/applicants with claims between Rs. 10,001 and Rs. 15,000 can now check on the web portal whether SMS have been sent to their registered mobile numbers for submission of original PACL Certificates.
Detailed step-by-step process for updating mobile number on the portal and to enquire whether SMS has been sent calling for original PACL Certificate, is available on the web portal.
The Committee had initiated the process of refunds for investors of PACL having claim amount upto Rs. 10,000. However, certain applications could not be processed further on account of one or more deficiencies. Therefore, investors/applicants with claims upto Rs. 10,000 may check the status of their claim applications online and rectify the deficiencies, if any.
In the current process of receiving claim applications, the investor submitting a claim application should be in possession of the original bond certificate and original outstanding receipt of payment, and shall upload the scanned copy of the bond certificate along with the scanned copies of the outstanding receipt.
Earlier, SEBI had ordered attachment of all assets of PACL (Pearl Agrotech Corporation Limited) and its nine promoters and directors in December 2015 because of their failure to refund the money due to investors. Subsequently, for the process of refunds to investors of PACL India limited, a Committee headed by retired Justice R M Lodha was set-up.