PACL to move SAT against Sebi order to refund Rs 49100 crore to investors
Facing a Sebi order with charges of running an illicit money pooling scheme worth about Rs 50,000 crore, Pearl Agrotech Corporation (PACL) on Sunday said it will approach the Securities Appellate Tribunal (SAT) against the directive of the capital markets regulator.<br />
Facing a Sebi order with charges of running an illicit money pooling scheme worth about Rs 50,000 crore, Pearl Agrotech Corporation (PACL) on Sundaysaid it will approach the Securities Appellate Tribunal (SAT) against the directive of the capital markets regulator.
"Sebi has unfortunately failed to recognize the submissions of the company that it can't be treated like a CIS. The company would now appeal this order before the Securities Appellate Tribunal," PACL said in a statement after the Sebi order.
"PACL limited, in its submission to the Sebi bench had submitted that it is not running a CIS. "Further, the company has sufficient asset holdings vis-a-vis the money raised for its real estate business," the company said. PACL further said it "would also like to remind its customers that it has always kept their interest paramount and would continue to do so".
"We assure our customers that their investments are safe& their interests would not be jeopardized," the company added
Sebi in its order earlier this evening asked PACL and its promoters and directors to refund investors' money within 3 months and immediately stop raising money from all their collective investment schemes, after finding them guilty of raising close to Rs 50,000 crore through unauthorised CIS activities.
Her comment came a day after Supreme Court in a landmark order put on hold the controversial sedition law till the Centre completes a promised review of the colonial relic and also asked the central and state governments not to register any fresh case invoking the act
The colonial-era sedition law has been invoked against the likes of author Arundhati Roy, student leaders Kanhaiya Kumar, Umar Khalid, and cartoonist Aseem Trivedi among others
In its significant order on the law that has been under intense public scrutiny, a bench headed by Chief Justice NV Ramana said there was a need to balance the interest of civil liberties and interests of citizens with that of the State