PACL Investors Stage Protests at Sebi Office
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.