PACL made no offer to SEBI

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by SEBI to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years.

Markets regulator SEBI on Tuesday said PACL Ltd has not made any offer to pay Rs 20,000 crore in three years by sale of properties. The clarification comes following a video being circulated on WhatsApp.

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by SEBI to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years.

A panel, headed by retired Justice R M Lodha, initiated the process of refunds for investors, who invested money in PACL.

It has been brought to the notice of the Lodha Committee that a video is currently being circulated on WhatsApp containing a clipping from a business channel which states that PACL has made an offer to pay Rs 20,000 crore in three years by sale of properties and that the committee would revert with a counter offer by June 21, the regulator said in a statement.

"The committee categorically states that no such offer of PACL Ltd has been currently made to or countered by the committee, it added.

In April, SEBI said payment aggregating to Rs 205 crore has been made to more than 8 lakh investors, with claims up to Rs 7,000.