Lok Sabha Question No. 185 (UNSTARRED), answered on 2021-07-19
Subject: PACL Investors
Ministry: FINANCE
Asked by: Subhash Chandra Baheria

Govemment of India Ministry  of Finance Department  of Economic Affairs

## TO BE ANSWERED ON MOllDAy, MARCH, l9rrr JIJLY 2021l Ashadha 28, tg43

## LOK SABHA UNSTARRED  QUESTION NO. 185 (Saka)

## PACL INVESTORS

1185. SHRI SUBHASH CHANDRA  BAHERIA:

Will the Minister of FINANCE be pleased  to state:

- (a) whether the Securities  and Exchange  Board of India (SEBI) has formulated  any strategy for payment to PACL investors  according  to the  judgement  of Supreme Court and if so, the details  and  the time-limit  thereof;
- (b) whether the.payment  will be of principal  amount or with interest and if so, the details
- thereof;
- (c) the manner  in which the payment  of the principal amount  with interest  thereon would be made to the investors  who did not submit the application  on online portal  due to submission .of  their original bond in the company  and the time by which the said amount is likely to be paid;
- (d) the item-wise  total movable/immovable  property or bank deposits of PACL as per the assisment  made by SEBI or the Govemment;
- (e) the details and total amount recovered through auction/ sale thereof  till date;
- (f) whether  the Government  has formulated any action  plan  to compensate  the poor investors cheated  by chitfund companies/co-operative societies tlrough their budget and if so, the details thereof; and
- (g) the strategy chalked  out by the Government  to protect the interest of the investor in future?

## ANSWER

THE MINISTER  OF STATE FOR FINANCE

(SHRI PANKAJ  CHAUDHAR\')

- (a): Yes, Sir. A Committee  under the Chairmanship  of Justice  (RetO  R M Lodha was constituted  for disposing  of the properties  ofPACL Limited, and pay the sale proceeds  to the investors of PACL. The Committee had invited refirnd claim applications vide press release dated  January  02,2018,  February 08,2019.  The Committee had received  approximately  1.50 crore claim applications. The Committee has adopted phase-wise/  claim amount-wise refund of monies to investors  of PACL Ltd. depending upon the corpus  available with the Committee and after veriffing the claims submitted  by the investor(s).
- (b): It was envisaged  that only the principal  'amount to be paid to investor(s)  in different phases and giving preference to small investors.
- (c): In respect  of investors who have not submitted applications through online portal, the Committee vide public notice dated October 16, 2019 informed the investors to await notification in this regard by the Comrnittee  in due course.
- (d): Item wise total movable/  immovable property or bank deposits of PACL

| Immovable properties                                                                                                        | Immovable properties   |
|-----------------------------------------------------------------------------------------------------------------------------|------------------------|
| Property documents handed over by the CBI to the Committee                                                                  | 42950                  |
| Immovable properties located in Australia belonging to M/s Pearls Infrastructure Projects Ltd., an associate entity of PACL | ., J                   |
| Moveable properties                                                                                                         | Moveable properties    |
| o Vehicles                                                                                                                  | 78                     |
| . Fixed Deposit (FDR) (in Rs Crores)                                                                                        | 98.4s                  |
| o Bank deposit (in Rs Crores)                                                                                               | 308.04                 |

## (e): Amount  Recovered is as follows-

| Details                                                                                                                                                                                                                                                          | Amount recovered (in Rs. crores)   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|
| Auction/ sale of Immovable properties . I 13 property documents                                                                                                                                                                                                  | 86.20                              |
| Auction/ Sale of movable properties (vehicles) o 75 vehicles                                                                                                                                                                                                     | t5.62                              |
| Recovery from bank accounts of PACL and its associates                                                                                                                                                                                                           | 308.04                             |
| Recovery of Fixed Deposit (FDR)                                                                                                                                                                                                                                  | 98.45                              |
| Amount received from Collector Land Acquisition, Punjab pursuant of acquisition of certain Survey Numbers belonging to 5 Immovable Property Document                                                                                                             | 0.53                               |
| Sale of immovable property pursuant to the order of Supreme Court o I property documents                                                                                                                                                                         | 0.16                               |
| Amount received pursuant to order dated 03.06.2020 of the Federal Court of Australia (FCA) in the matter of Claim Petition (QUD147ll7) filedby SEBI before FCA (SEBI Vs Mii Resort Group I Pty Ltd.) - Pertaining to 2 immovable properties located in Australia | 369.2A                             |

****