PACL: Retired judge appointed to hear representations

The Supreme Court-appointed R M Lodha Committee, overseeing the disposal of assets of PACL group to refund investors, has appointed a retired judge to hear any representations pertaining to the panel’s work. Sebi had found that PACL had raised over ~60,000 crore by way of illegal collective investment schemes in the name of agriculture and real estate business. In the matter, the SC had constituted a panel under the chairmanship of R M Lodha, retired justice of the apex court. The panel is overseeing the sale of properties of PACL and the proceeds would be utilised to refund the investors concerned. Lodha Committee has appointed R S Virk, a retired district judge, "for hearing the objections/ representations" in respect of the work being undertaken by the panel, Sebi said.