New Delhi: The market regulatory Sebi had ordered Pearls Agrotech Corporation Limited (PACL) to refund Rs. 49,100 crore to investors within three months. Sebi had also ordered to the company to immediate closure of unauthorized collective investment schemes (CIS).
In its 92-page order, Sebi said, “The total amount mobilized comes to Rs 49,100 crore. This figure could have been even more if PACL had provided the details of the funds mobilized during the period of April 1, 2012 to February 25, 2013.”
Sebi said, “The collection of such huge funds suggests that PACL has many more customers than the stated 1.22 crore.”
Sebi had referred the proposal of PACL and its directors forwarded through their advocates and said that about 4.6 crore customers had not been allotted land.
It said, “Thus, a quick calculation of the total number of the customers of PACL comes to around 5.85 crore which includes the customers who (are) said to have been allotted land and who are yet to be allotted the land.”
Sahara had raised about Rs 25,000 crore through optionally fully convertible debentures, which has been ruled as illegal. More than 2.3 crore investors were involved in the Sahara case.
Bureau Report
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