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Sebi attaches bank accounts of PACL





15 Dec 15:The Securities and Exchange Board of India (Sebi) has attached the bank accounts and mutual fund holdings of PACL and its directors as they failed to refund their investors Rs 49,100 crore as ordered by the regulator in August last year.
According to a statement issued by Sebi, the recovery proceedings were initiated on 11th December against PACL and its promoters/directors namely Tarlochan Singh, Sukhdev Singh, Gurmeet Singh, Subrata Bhattacharya, Nirmal Singh Bhangoo, TygerJoginder, Gurnam Singh, Anand Gurwant Singh and Uppal Devinder Kumar.
“In the said recovery proceedings Sebi has attached all bank and demat accounts and mutual funds folios of the aforesaid defaulters with immediate effect and communicated the same to all the banks, depositories and mutual fund houses. The recovery notices were also sent to the aforesaid defaulters. All the banks / financial institutions / depositories or any other persons holding assets of the defaulters have been advised not to part with the same and report the same to the recovery officer,” said a statement issued by Sebi on Monday.
In an order issued on 22nd August 2014, the capital market regulator had directed the entities to wind up the schemes and refund money to the investors within a period of three months from the date of the order. According to Sebi, the company was operating a collective investment scheme (CIS) without the necessary regulatory approvals.
The company has been raising funds since 1997 and based on certain complaints, Sebi issued letters to PACL in 1999. The company challenged the validity of the Sebi letters in the Rajasthan high court, saying that it was not operating a CIS, as per the definition laid down in the CIS Regulations.
While the Rajasthan HC quashed the Sebi letters and ruled PACL was not operating CIS, the regulator challenged the order at the Supreme Court, which ruled in February 2013 that Sebi can investigate the matter and take appropriate actions.
The company filed an appeal with the Securities Appellate Tribunal, which was dismissed on August 12.
PACL Ltd had failed to refund their investors Rs 49,100 crore as ordere by Sebi

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