Update on PACL 2nd round of refunds

SEBI First Round of Refunds Completed up to 2500 INR

SEBI completed First round of PACL refunds up to 2500

In the month of February this year, the Lodha Committee appointed to look into the matter of Pearls real estate property scam, invited refund claims from investors, a process which was open till March 31st, 2018. The latest news on the official website of SEBI says the Lodha Committee has till date refunded 1, 13,353 PACL investors based upon the details mentioned in their claim applications.

How much money investors got after refunds?

1, 13,353 PACL investors with claiming amount up to 2500 have received their refunds. Now is the turn for the second pool of investors to get their refunds.

How much money SEBI still has in their account after first round of refund?

Now that the Australian Federal Government has accepted the petition filed by SEBI (dated July 20, 2018) seeking the sale of the property/assets of PACL in Australia, the investors can now get a sigh of relief. All the property/assets of Pearls raised in Australia have been sold by the Federal Government and money has been acquired. Plus all the property recovered from the different sources will also add for the refunds process.

Investors Waiting for Second Round above Rs. 2500 Refund

Though the refund process has started and some investors have been refunded but still there is a long way to go if we look at the number of investors who are still waiting for their money. It is very clear from the number of properties PACL had acquired, that they there is ample amount of money (Rs. 8500 crores) which can be used to refund all the PACL investors. Now, it is up to the Lodha Committee and SEBI to refund the investors.

Recovery from Australian properties

Rs. 5,23,14,20,000 generated from various scattered properties of PACL in Australia. Sheraton Mirage Hotel situated at Gold Coast, Australia worth Rs. 8,89,34,14,000. The Australian property/assets of Pearls come out to be more than Rs. 1, 400 crores in total.

Filling of SEBI PACL refund form online

Lodha Committee is hereby informing all the PACL investors to file their claim applications at www.sebipaclrefund.co.in latest by July 31st, 2019.’The step by step procedure to submit claim applications is given below:

1. Claimants need to have these documents to submit their application – PACL Certificate or receipt, PAN Card, any cancelled cheque or Bank verification letter and a photograph.

2. The claim application link mentioned above will take you the home page shown below. Click on the ‘Registration’ button present on the right hand side.

3. The Registration form will open up where you will have to fill in all the required fields such as ‘PACL registration number’, ‘Captcha Code’ and ‘Mobile number’. Click on ‘Generate OTP’.

4. Enter the OTP received on your registered mobile number. You can also re – generate an OTP if you entered a wrong one by mistake.

5. After entering OTP number, you will have to enter a password of your choice and then confirm it by re – entering it. Click on the tick box given against ‘I agree with terms and conditions’ and hit the ‘Register’ button.

6. On successful registration, you can now login to submit your claim.

7. The login page will appear asking for ‘PACL registration number’, ‘Password’ and ‘Captcha Code’. Then, click on login.

8. After logging in, the following page will appear. Fill in your personal details, bank details, document details and PACL certificate and receipt details.

9. The Step 1 of login page with personal details looks like this. Click on ‘Save & Next’ button to move to the next step.

10. Step 2 in the login page with beneficiary bank account details looks like this. Click on ‘Save & Next’ to proceed further.

11. Step 3 includes the document details page where you need upload a scanned photograph, a copy of PAN card and a cancelled cheque or a banker’s verification letter.

12. The last step of the login page will ask you to enter the PACL certificate and receipt details.

13. After entering all the required details, click on ‘Preview & Submit’ and you will see your detailed claim application form.

14. Check all your entered details in this preview page and if you wish to change any information click on cancel to edit the wrong information or else click on ‘I agree’ box and then hit the ‘Final Submit’ button.

15. When your claim application form is submitted, you will get the following confirmation message with an acknowledgement number. A SMS regarding the same will also be sent to your mobile.

16. Click on OK and the login page will appear. Enter you registration number, password and captcha code and press login button. You will see your Reference or Acknowledgement Number on the personal details page.

17. To clear out any doubts, please refer to the FAQ section available on SEBI’s website before filing for a claim application.

7 Things to know for PACL Refund – Don’t Miss them

For the already duped PACL investors waiting for their refunds, there are a few very important things that they must know beforehand so that it does not leads to any further confusion. Read on to know these warning signs in order to get back your refunds from SEBI India real soon.

Don’t miss the official announcement from SEBI

For all the latest and official announcements by SEBI India, PACL investors need to keep a regular check on the newspaper and on SEBI’s official site so as to keep themselves updated. Till now, all that has happened in the context of PACL has been publicly released and published by SEBI on their website and in newspapers.

Find a genuine source of information

PACL investors really need a genuine and original source of information. The thing is, not to get swayed away by any flattering news articles that actually have no truth. PACL investors can refer to www.pacllatestnews.com to get all latest and genuine information. We provide information about everything regarding PACL, from when did PACL scam happened to when the refunds will be credited.

Don’t believe in rumors

Many people are spreading all kinds of rumors to scare the PACL investors. Such sources are obviously not the original sources of information and people must try to keep themselves away from such fake information that can spin their head. Maintain a positive attitude and believing in Government and SEBI is the only thing that the investors can do at this point of time.

Don’t give your documents to agents

PACL investors must keep themselves away from sharing any of their PACL receipts, certificates and other details with anyone until and unless SEBI releases and official processes. It is obviously a well – known fact that the Indian governmental processes take time to complete and therefore, the investors need to trust only the official and genuine sources rather than handing off all the important documents to some fake agents. That in any way will not fetch you your refunds amount.

You must have original documents

Investors must keep all their original documents fully ready as SEBI at any point of time can ask for these documents. SEBI will send SMSes to investors to send their PACL certificates and receipts at their official address, the same way they did to refund the claimants with refunds amount up to Rs. 2500.

Don’t blame the agents - ask them guide for refund!

Putting blames on the agents shall be of no use for the investors. The investors should rather ask these agents to guide them about the refunds process. But please bear in mind, don’t hand over any of original or photocopied documents to any agent who claims to get your refunds back in no time.

SEBI action on PACL

SEBI helpline numbers and websites

To know the status of PACL Refund forms, investors or claimants can call on “02261216966”. As we all know SEBI has many thousands of cases to look at in their schedule. But by seeing the number investors and their queries SEBI has decided to provide a special helpline contact number for the pearls investors. Investors seeking refunds must send their claim applications to  www.sebipaclrefund.co.in

The Lodha Committee has been working tirelessly to ensure recovery of the funds invested in PACL. Following are the methods through which the Lodha Committee is ensuring recovery of PACL funds:

1. Via Deposits made by PACL Ltd.:

FDRs of PACL with different banks: The Committee has got 1121 FDRs of PACL with 23 banks, whose scanned copies were received from Stock Holding DMS Ltd. The Committee has so far recovered Rs.4,93,628,76.84 from 8 banks and 9 banks have already submitted remittances to the market regulator, SEBI.

2. Recoveries from Systematic Venture Capital Trust:

The Lodha Committee got a report from the ED stating that about 25 subsidiaries of PACL Limited who have allegedly transferred Rs. 113.45 crores into the bank account of Systematic Venture Capital Trust. Till 06.01.2017, Rs. 16, 86, 98,766 had been recovered by the Committee from the Systematic Trust.

3. Rents from PACL Limited Hotels:

The Lodha Committee has got documents of the properties given on lease by PACL Ltd. for building hotels in the regions of Chandigarh, Zirakpur, Colva and Calangute beaches in Goa. An inspection was conducted and it was found out that all of these three hotels were given on lease for 20 years to India Datsec Solutions Pvt Ltd. by the PACL Ltd. Company and the India Datsec company has delayed rent payments to the Committee. The Committee has recovered Rs. 72, 37,393 from these three hotels. There are some other hotels given on lease located at Dharampur (Himachal Pradesh), Noida (Uttar Pradesh) and M.R. Hotel in Karnal District of Haryana.

4. Australian Property

Rs. 5,23,14,20,000 generated from other PACL properties in Australia and Sheraton Mirage Hotel worth Rs. 8,89,34,14,000.