Pancard Clubs case: Sebi invites bids for sale of shares

The order came after the company failed to comply with Sebi's direction in February this year ordering it to refund over Rs 7,000 crore to investors raised through illegal collective investment schemes (CIS).

Looking to recover more than Rs 7,000 crore of investor money in the Pancard Clubs case, markets regulator Sebi has invited bids for sale of shares held by the company and its directors. Earlier, Sebi had attached 5,71,34,580 equity shares, amounting to 73.49 per cent stake of Panormic Universal as well as one crore (7 per cent) of preference shares of the company held by Pancard Clubs and its directors.

Now, in a notice, Sebi has invited bids from public at large for sale of such shares. Panormic Universal operates in information technology, hospitality, travel and tourism. “Any person or group of persons interested in purchasing all 5,71,34,580 (73.49 per cent) of equity shares and all or any part of one crore preference shares may submit their respective expressions of interest (EoIs) in the prescribed format to the recovery officer of Sebi…on or before 4 pm of June 20,” Sebi said in a notice dated May 18.

After receipt of EoIs, the e-auction would be conducted within two months. As part of its recovery proceedings, Sebi, in December 2016, had ordered attachment of bank and demat accounts of Pancard Clubs and its six directors.

The order came after the company failed to comply with Sebi’s direction in February this year ordering it to refund over Rs 7,000 crore to investors raised through illegal collective investment schemes (CIS).
Courtesy : IE