PACL In­vestors Stage Protests at Sebi Of­fice

The Economic Times - - Economy: Macro, Micro & More - Our Bureau.

PACL in­vestors on Mon­day staged protests at cap­i­tal mar­ket reg­u­la­tor Sebi’s of­fice in New Delhi, re­ports Over 40 in­vestors and agents of PACL, for­merly Pearl Agrotech Cor­po­ra­tion, barged into the reg­u­la­tor’s of­fice on Par­lia­ment Street seek­ing re­fund of their money in­vested in the com­pany. As the protests be­came un­man­age­able, Sebi of­fi­cials sought help from the po­lice. “Although Sebi of­fi­cials ex­plained to them that all ac­tion has been taken, in­vestors were not will­ing to lis­ten and they re­fused to go. Af­ter an hour, po­lice had to be called in af­ter which they left the premises,” said a per­son fa­mil­iar with the de­vel­op­ment. Last week, more than 500 PACL in­vestors have come to the Sebi of­fice in New Delhi ask­ing for their money. PACL, which is in the busi­ness of realty and land de­vel­op­ment, has been di­rected by Sebi to re­fund .₹ 49,100 crore to six crore in­vestors. Last month, in line with an SC or­der, Sebi con­sti­tuted a three-mem­ber com­mit­tee un­der Jus­tice RM Lodha for dis­pos­ing of the land pur­chased by PACL and re­fund the pro­ceeds to in­vestors.


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