Pacl India Limited approached another regulator SAT against the order from SEBI. In August 2014, Sebi ordered Pacl India Limited to stop collecting the money from the investors and informed Pacl India Limited to refund the promised returns to the customer within 3 months which should have been November 2014 and also ordered to close it business operation within 15 days after refunding the returns in these 3 months.
In 2013, Supreme court gave special power to Sebi and a case was registered against Pacl India Limited by Sebi.
In 1996, the proceedings of this case was held in the Rajasthan High Court and while the case was being run in the High court, the directors started new schemes and started collecting money again without acquiring permission from Sebi. I have been reading news on a daily basis and I found that Sebi has ordered Pacl back in 1996 to stop collecting money from the customer as their schemes fall under Collective Investment Scheme and that Pacl India Limited does not have permission from Sebi to run these schemes and these schemes were discountinued. In August 2014, I went to the company to pay the installment and was informed that the company has been ordered to not collect any money from the customer by SEBI. In my case, the company has failed to let me know about the location where the plot was allotted. Now the company is suppose to inform the customers the location where the plot has been alloted to the customer after 3 years of paying the installment.
I started investing Rs8800 every month from 31 December 2009 and they promised a return of 924000 after the maturity on 31 December 2015 OR decide to take the plot alloted by the company anywhere in India. The agent informed that this company is running a scheme where I have to pay installment every month for another 6 years and after 6 years the company will pay the returns. I was approached by an agent working for PACL INDIA LIMITED in December, 2009.
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