In compliance with the order dated February 02, 2016 passed by the Hon’ble Supreme Court of India in Civil Appeal No.13394/2015 titled as PACL Ltd. Vs Securities and Exchange Board of India and other connected matters, a Committee has been constituted by SEBI under the Chairmanship of Justice (Retd.) R. M. Lodha, Former Chief Justice of India for disposing of the properties of the Company viz. PACL Ltd., so that the sale proceeds can be paid to customers.
In compliance with the above mentioned order, the Committee vide public notices dated 27/08/2016 & 30/09/2016 invited Expression of Interest (EOI) from public at large on the properties of PACL Ltd. Further, vide public notice dated 27/11/2016, the investors were informed that the process of auction is underway in terms of the said notice dated 27/11/2016.
Vide aforesaid public notice dated 27/11/2016, it was also informed that the process of refund would be initiated upon realization of sizeable amount by the Committee. The claim could be filed only in the prescribed format upon SPECIFIC NOTIFICATION BY THE COMMITTEE. Till such notification investors were requested to retain their documents with themselves and not to part with them for any reason whatsoever.
Meanwhile, it is noted despite the above notice that claims are being filed by individual or through associations enclosing documents therewith. Therefore, investors are again advised to retain the documents with themselves and submit in the prescribed format only upon specific notification inviting submission of claim. Investors are also requested not to be misguided or fall in trap of any inducements and false promises.
December 22, 2016
The Committee constituted by the Securities and Exchange Board of India (SEBI) under the Chairmanship of Justice (Retd.) R. M.Lodha, Former Chief Justice of India for disposing of the properties of the Company viz. PACL Ltd, pursuant to the order dated 02-Feb-2016 of Hon’ble Supreme Court of India in Civil Appeal No.13394/2015 titled PACL Ltd. Versus Securities and Exchange Board of India and other connected matters, held its first meeting on 25.02.2016.
The Committee has made head way having collected a large number of property documents and engaged an agency for their safe custody, data creation and maintenance and has also engaged two agencies to conduct auction sale of the properties. The 1st of the Sale Notices has been published on May 29, 2016.
The Committee solicits cooperation from customers /investors of PACL Ltd. and requests them not to be guided by any reports/ rumours not published by the Committee and to submit documents only upon being specifically invited to do so by the Committee.
Mumbai – June 24, 2016