To facilitate refunds, a high-powered Sebi committee on Friday prolonged the deadline until August 31 for submission of unique funding paperwork by buyers who had put cash into the unlawful schemes of PACL.

They’re required to submit their paperwork solely after receiving an SMS from the panel. That is relevant just for these buyers whose declare cash is between Rs 10,001 and Rs 15,000 and whose purposes have been verified.

The sooner deadline for submission of paperwork was June 30.

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“The committee has now prolonged the final date for submission of unique PACL registration certificates to August 31, 2022,” Sebi stated in a press launch.
Buyers who’ve obtained SMS from the committee requiring submission of unique paperwork have been requested to ahead the identical by registered or velocity put up to Sebi’s headquarters in Mumbai, it added.

The markets regulator had arrange a committee headed by former Chief Justice of India R M Lodha following a Supreme Courtroom order to refund cash to buyers within the PACL Group case.

The panel is overseeing the method of disposing of properties to refund buyers after verifying their genuineness. It has already initiated the method of refund in phases.

PACL, also called Pearl Group, had raised cash from the general public within the identify of agriculture and actual property companies. It was discovered by Sebi to have collected greater than Rs 60,000 crore via unlawful collective funding schemes (CIS) over a interval of 18 years.

In December 2015, Sebi had ordered attachment of all belongings of PACL and its 9 promoters and administrators for his or her failure to refund the cash attributable to buyers.
Sebi had requested PACL in addition to its promoters and administrators to refund the cash in an order handed in August 2014. Additionally, the defaulters had been directed to wind up the schemes and refund cash to the buyers inside three months from the date of the order.

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