Utilisation of E-Seva for assisting PACL investors

Kohima, April 18 (MExN): Justice (Retd) RM Lodha Committee informed that necessary instructions be issued to all E-Seva/Kendras/common service centres in the State to assist and facilitate the investors of PACL Ltd. in filing their refund claim applications.

As per the DIPR report, the Committee is constituted by Securities and Exchange Board of India (SEBI) pursuant to the order dated February 02-2016 passed by the Supreme Court of India and subsequent orders thereof in Subrata Bhattacharya V. Securities and Exchange Board of India and other connected matters under the chairmanship of Justice3 (Retd) R.M Lodha for selling the properties of PACL Ltd and using the sale proceeds to refund the investors who have invested their money in PACL Ltd.

The following are the refunds to PACL investors:

  1. The estimated number of investors in PACL Ltd. is about 5 Crore as per the details provided by PACL and the amount mobilized is about Rs. 49,000 crore.
  2. The Committee at the first instance initiated the process of receipt of claim applications with respect to the investors of PACL whose total outstanding amount (Principal) with PACL was up to Rs. 2,500. Upon verification, refunds were made in respect of claims found to be in order. The said process has now been concluded.
  3. Further, the Committee has now initiated the process of receipt of claim applications from all investors having outstanding claims with PACL Ltd. Such process for claim filing is a fully digital one and is open upto April 30, 2019.
  4. It may be mentioned that a large proportion of the PACL investors belongs to villages/ interiors of India, and hence may not have access to computer/ internet facilities. It is also understood from the information/ feedback received from investors that the cyber cafes are asking for exorbitant rates for filing the refund application on behalf of the investors.
  5. Accordingly, considering the issues faced by investors in filing their applications from cyber cafes and the limited time period for which such application process is open, it is requested that the E-Seva Kendras may be immediately instructed to provide the necessary facilities at all centers across the State to assist investors in filing their refund claim applications, under intimation to the Committee.
  6. It is further informed that the demo videos in Hindi and English, illustrating the process for submitting claim applications, have been provided on the website http://sebipaclrefund.co.in/ a detailed list of the FAQs have also been made available on the website. In case any further information is required by an investor, they may be advised to contact the Nodal Officer at the email id: nodalofficerpacl@sebi.gov.in.