When and why PACL Ltd. was banned?
1. The PACL Company, however, has been banned and blacklisted in 2015 by SEBI. It was done on learning that Pearls had duped over 58 million investors who had invested their hard earned money in PACL.
2. At least Rs. 49,100 crores had been collected from the investors illegally in the past 15 years from PACL and Pearls Golden Forest Limited(PGFL), two companies owned and controlled by Nirmal Bhangoo group in the name of sale + development of the agricultural land. The investors were promised higher returns but they never got even one percent of what they has invested.
SEBI has started the process of recovery against its promoters and directors, including PACL, Nirmal Singh Bhangu.
PACL has failed to return the amount of Rs 49,100 crore to its investors. On February 2, the Supreme Court had directed to make a committee headed by Lodha so that the land purchased by PACL could be sold.
The money received from sale of land will be paid to those investors who have invested in buying land in the company. S Raman, full time member, S Raman and Chief Manager, Amit Pradhan will be part of this committee. The Regional Director of the Principal Northern Regional Office is also.
Information sources are:
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