The Securities and Exchange Board of India (Sebi) is a market regulator which has established a high-level committee as ordered by the Supreme Court. Justice R M Lodha is heading the committee in the case of PACL Ltd and has received documents of other 13,863 properties owned by the real estate firm. The committee also has documents of over 29000 properties owned by PACL. The committee has received the details of 13,863 properties and they have been also released for public on portal, according to the regulator.

Also known as Pearl Group, the PACL had raised funds from public for real estate and agriculture businesses. According to Sebi, these funds have been collected with illegal investment programs over the period of 18 years.

Headed by R M Lodha, former Chief Justice of India, the panel is looking forward to the process of disposal of properties so they can refund investors as soon as possible once the process of verification is done.

Chaired by R M Lodha, Sebi has set up the panel as per the directions of Supreme Court in order to sell the properties owned by PACL to refund the money of investors. The Sebi has started recovery against PACL and its directors and promoters, including Nirmal Singh Bhangoo, as they have failed to refund investors’ money, which is worth Rs. 49,100 Cr.

The Sebi was directed by the apex court on February 2016 to form the committee chaired by Lodha for the disposal of land acquired by PACL Ltd. It was decided to use the sales proceedings to refund the investors, who invested for buying land from the company. The Chief Manager Amit Pradhan and Whole Time Member S Raman in Sebi had been the part of this panel. Amir Pradhan was also Northern Regional Office’s Regional Director.

Along with it, Deputy General Manager, Rakesh Kumar Singh was also appointed by Sebi as secretary and nodal officer of the committee. He has been the in-charge of funds collected, as per the statement. Sebi had directed the refund of money with applicable interest and returns and the regulator also ordered attachment of assets of the company and its higher executives.

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