A panel of experts led by retired judge RM Lodha had initiated the tiered repayment process for investors, who had invested in PACL.
According to the markets regulator Sebi, more than 19 lakh PACL investors with claims of up to Rs 17,000 have got refunds totaling Rs 920 million.
The regulator discovered that PACL Ltd, which had gathered money from the public under the pretence of running real estate and agricultural enterprises, had amassed more than Rs 60,000 crore through shady collective investment schemes (CISs) during an 18-year period.
Refunding investors who had staked money in PACL had been started in stages by a commission led by retired Justice RM Lodha.
“As of today, the committee has successfully effected refunds in respect of a total of 19,61,690 eligible applications with outstanding (principal) amounts ranging from Rs 17,000 to Rs 919.91 crore,” according to a statement posted on the Sebi website.
In order to restore the money to investors whose outstanding (principal) amount with PACL was more than Rs 15,000 and up to Rs 17,000, the committee had requested authentic PACL certificates from them in February.
The money would be returned after the original certificates were verified.
The period from February 27, 2023, to March 20, 2023, was reserved for the acceptance of original certificates.
After recognising the difficulty the investors had in producing authentic certificates, the committee agreed to repay the money without insisting on original certificates.
As a result, Rs 85.68 crore was returned to 1.14 lakh applicants.
Previously, a total of 3,747 applicants with claims of up to Rs 15,000 were paid a total of Rs 2.45 crore.
The Securities and Exchange Board of India (Sebi) ordered the seizure of all assets of PACL and its nine promoters and directors in December 2015 for their inability to refund money owed to investors.
In an order dated August 22, 2014, Sebi ordered PACL, as well as its promoters and directors, to refund the money.
The defaulters were ordered to stop the schemes and refund money to investors within three months of the order’s date.