Sebi panel receives details of 13,863 extraproperties

Sebi panel receives details of 13,863 extraproperties
17/01/2019 , by , in News/Views

Markets regulator Sebi Wednesday said the committee headed by Justice R M Lodha in the PACL Ltd case has received details of additional 13,863 properties of the real estate firm.

The committee already has the details of around 29,000 properties of PACL and the details of additional 13,863 properties is received by the committee, the regulator said in a release.

PACL also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.

The panel, headed by former Chief Justice of India Lodha, is overseeing the process of disposing of properties to refund investors after verifying their genuineness. The Securities and Exchange Board Of India (Sebi) had set up the high-level committee following a Supreme Court order.

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