Home / News / India /  PACL case: Deadline for investors to submit claims extended till July 31

NEW DELHI : Investors of PACL can submit their applications seeking claims till July 31, with R M Lodha committee extending the deadline.

The deadline for submitting applications was to end on April 30.

"However, in view of representations received, the committee has decided to extend the last date of receipt of applications from April 30, 2019 to July 31, 2019," Securities and Exchange Board of India (Sebi) said in a release on Friday.

In February this year, the committee decided to receive claims from all investors having outstanding claims with PACL after it completed the process of refunding to the investors whose total outstanding amount was up to 2,500.

The committee headed by retired Justice R M Lodha was set up by Sebi following a Supreme Court order for selling the properties of PACL and using the sale proceeds to refund the investors.

The ruling came after it was found that PACL had illegally collected around 60,000 crore from the public, mainly in the name of agriculture and real estate businesses and the firm failed to refund the investors.

This story has been published from a wire agency feed without modifications to the text.

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