SEBI has received eight proposals offering a higher price for the properties belonging to PACL group more than what has been proposed by the company itself. Counter proposals had been invited by SEBI in the last month from interested entities offering a higher price than the proposal value submitted by PACL. These entities were required to submit the same by 21st June to RM Lodha Committee. The companies with submitted counter-proposals include Maharashtra-based entities Grovalue Marketing, Guardforce Ltd and City Wines, Tamil Nadu-based Vijaylakshmi Marketing, Lakshmi Murugan Developers and Bava Fules and Delhi based PK Overseas (P) Ltd and Rohatas Dalal. This move was a part of SEBI’s efforts to recover funds totalling Rs 60,000 crore from the group.
SEBI had discovered that PACL, also known as the Pearl Group had collected funds from the public through illegal collective investment schemes spanning over 18 years. These illegal funds had been raised from the public in the name of agriculture and real estate businesses. As per Supreme Court’s orders; a high-level committee was set up by SEBI to look into the matter. Subsequently, a panel headed by former Chief Justice of India, RM Lodha was appointed to oversee the process of property disposal in order to refund the investors after verification of their genuineness. PACL had proposed to recover more than Rs 15,000 crore in two years either through the sale of its assets or through collaborations with government entities in order to develop its properties
Courtesy/By: Nishtha Arora
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28 Jun 2018
