PACL Ltd. will move the Lodha Committee for money to pay fees of lawyers, and for payment of statutory dues including the Provident Fund etc..The application, filed by PACL in the Supreme Court, came up for hearing as item 1 in court 2 today before a Bench of Justices Anil Dave and L Nageswara Rao. The Court, however, disposed of the plea while giving liberty to PACL to approach the Lodha committee..PACL had initially asked SEBI for the money, but SEBI had declined. Senior Advocate Abhishek Manu Singhvi appeared for PACL, while advocate Pratap Venugopal appeared for SEBI..By way of background, the Pearls group of companies that include PACL Limited and P.G.F. Limited, had launched a scheme by the name of Collective Investment Schemes (CIS) and managed to collect above Rs. 45,000 crores from roughly six crore investors..Unsurprisingly a number of complaints of fraud and serious irregularities were filed by various investors in Haryana, Punjab, Maharashtra, and New Delhi pursuant to which statutory authorities such as SEBI had initiated investigations into the Pearl companies. Subsequently, orders were passed by SEBI against PACL and PGF to stop their schemes and refund all the money collected..When the matter came before the Supreme Court in February this year, the former Chief Justice of India, RM Lodha, was entrusted with overseeing the refund of money to the investors..In March, Kerala-based investors and employees of PACL sought a direction to the court-appointed Committee to seize and sell all the company’s properties situated in Australia. The court later directed that the Lodha Committee will have the jurisdiction to look into overseas assets of PACL.
PACL Ltd. will move the Lodha Committee for money to pay fees of lawyers, and for payment of statutory dues including the Provident Fund etc..The application, filed by PACL in the Supreme Court, came up for hearing as item 1 in court 2 today before a Bench of Justices Anil Dave and L Nageswara Rao. The Court, however, disposed of the plea while giving liberty to PACL to approach the Lodha committee..PACL had initially asked SEBI for the money, but SEBI had declined. Senior Advocate Abhishek Manu Singhvi appeared for PACL, while advocate Pratap Venugopal appeared for SEBI..By way of background, the Pearls group of companies that include PACL Limited and P.G.F. Limited, had launched a scheme by the name of Collective Investment Schemes (CIS) and managed to collect above Rs. 45,000 crores from roughly six crore investors..Unsurprisingly a number of complaints of fraud and serious irregularities were filed by various investors in Haryana, Punjab, Maharashtra, and New Delhi pursuant to which statutory authorities such as SEBI had initiated investigations into the Pearl companies. Subsequently, orders were passed by SEBI against PACL and PGF to stop their schemes and refund all the money collected..When the matter came before the Supreme Court in February this year, the former Chief Justice of India, RM Lodha, was entrusted with overseeing the refund of money to the investors..In March, Kerala-based investors and employees of PACL sought a direction to the court-appointed Committee to seize and sell all the company’s properties situated in Australia. The court later directed that the Lodha Committee will have the jurisdiction to look into overseas assets of PACL.
