PACL

Number of pending notices was up 31% to 2,872 at the end of FY22, from 2,193 the previous year

According to the Securities and Exchange Board of India (Sebi), PACL collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.

A high-powered Sebi committee on Friday provided facilities to PACL investors to update details of their mobile numbers and enquire whether SMSs have been sent to them to submit original certificates

Sebi on Friday invited objection or claims in respect of the company's property

In a bid to recover investors' money, Sebi has ordered banks to transfer to its account all the money available in the bank accounts of 640 group entities of PACL Ltd by Wednesday.

A portal has been made operational for such investors to view status of their claim applications

The Punjab cabinet on Wednesday gave its nod for disinvestment of Punjab Alkalies & Chemicals Limited (PACL). Accepting the report of the Extraordinary General Meeting (EGM) of PACL as well as the recommendations of the Empowered Group of Ministers set up on September 17, the cabinet has given the go ahead for disinvestment of 33.49 per cent equity shareholding of PACL, held by state-owned Punjab State Industrial Development Corporation (PSIDC), an official spokesperson said. The EGM, after considering the detailed report of the fresh core group of officers on disinvestment during its meeting on September 22, unanimously decided that the state government should go ahead with the disinvestment of shares of PACL in the manner as recommended by the core group. Finance Minister Manpreet Badal informed the meeting that the state will get Rs 42 crore from the disinvestment, the spokesperson said. The meeting was chaired by Chief Minister Amarinder Singh.

In December 2015, Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money which is due to investors

Market regulator Sebi had set up a committee headed by former Chief Justice of India R M Lodha following a Supreme Court order to refund money to investors in the matter of PACL Group

"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," says Sebi

They are accused of illegal mobilisation of funds to tune of Rs 49,000 cr from public

PACL was allegedly carrying on an investment scheme, though it dressed it up as a real estate

Demand adds to the Rs 57,000-crore dues payable from company's assets on sale

The penalty followed another order by Sebi in 2014 wherein PACL was asked to refund Rs 49,100 crore it had collected through illicit schemes over 15 years

About 26,500 of Nirmal Singh Banghoo-led PACL's properties have been put on sale by Sebi

Sebi auction sees good response; Sale value over Rs 30 crore; auction for remaining 17 vehicles soon

The market has alleged the company of siphoned off money from investors to buy Sheraton Mirage Resort (Sheraton) on the Gold Coast

Demand implementation of SC orders for refund

The market watchdog is tightening the noose on PACL for refunding over Rs 49,000 cr raised through illegal money pooling activity