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PACL effect on pearls sectors in greater mohali and nearby projects like zirakpur

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PACL effect on pearls sectors in greater mohali and nearby projects like zirakpur

Last updated: July 30 2016
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  • #11

    #11

    Re : PACL effect on pearls sectors in greater mohali and nearby projects like zirakpur

    hi
    could ne one can tell me wat is the tentative cost of 3 bhk flat on 4th floor on wards
    I would like to go 4 top floor
    pls help me I would like 2 buy in next 10-15 days

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    • #12

      #12

      Re : PACL effect on pearls sectors in greater mohali and nearby projects like zirakpur

      Are PACL and Pearls builder having project in Delhi and Noida from the same group?

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      • #13

        #13

        Re : PACL effect on pearls sectors in greater mohali and nearby projects like zirakpur

        PACL case: Sebi collects large number of property documents

        The market watchdog has tightened the noose on PACL for refunding the money collected through illegal money pooling activity.
        PTI | Jun 25, 2016, 01.00 PM IST


        NEW DELHI: Making a "headway" for refund of money to investors in over Rs 50,000 crore PACL case, Sebi today said a large number of property documents have been collected and the process is on for auction of those assets.

        The market watchdog has tightened the noose on PACL for refunding the money collected through illegal money pooling activity, which is seen as one of the biggest ponzi schemes in the country.

        A committee, constituted by the Securities and Exchange Board of India (Sebi) under the chairmanship of former chief justice of India R M Lodha, has made "headway having collected a large number of property documents and engaged an agency for their safe custody, data creation and maintenance and has also engaged two agencies to conduct auction sale of properties."

        The first of the sale notice was published on May 29.

        The regulator had set up a high-level committee to ensure refunds in the PACL case are made to genuine investors following a Supreme Court order.

        The committee also solicited "cooperation from customers /investors of PACL Ltd and requests them not to be guided by any reports/rumours not published by the committee and to submit documents only upon being specifically invited to do so by the committee".

        PACL, a Pearl Group company that had raised money from public in the name of agriculture and real estate businesses, was found by Sebi to have collected thousands of crores through illegal collective investment schemes over a period of 18 years.

        It was found to have raised Rs 49,100 crore from nearly 5 crore investors that it needs to refund along with promised returns, interest payout and other charges, which took the total amount due to over Rs 55,000 crore, as per a Sebi order.






        PACL case: Sebi collects large number of property documents | ET RealEstate
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        • #14

          #14

          Re : PACL effect on pearls sectors in greater mohali and nearby projects like zirakpur

          SC restrains PACL from selling its properties

          PACL Ltd and its promoters and directors, including Nirmal Singh Bhangoo, have been embroiled in a legal battle for their alleged failure to refund Rs 49,100 crore to investors.
          PTI | Jul 26, 2016, 08.06 AM IST


          NEW DELHI: The Supreme Court on Monday restrained Pearls Agrotech Corporation Ltd (PACL) and its promoters from disposing of its properties both in India and abroad after SEBI alleged that the company has siphoned off 98 million dollars in Australia.

          PACL Ltd and its promoters and directors, including Nirmal Singh Bhangoo, have been embroiled in a legal battle for their alleged failure to refund Rs 49,100 crore to investors, an amount collected through chit funds schemes.

          A bench comprising Justices A R Dave and L Nageshwara Rao also issued notice to Centre and sought its response on a plea of investors seeking the court's intervention against alleged siphoning off of funds by the PACL group.

          A plea filed by investors group, Janlok Prathishtan Sanghata Committee has also sought the government's help in bringing overseas assets of the group under control, liquidate these and get refund of money to its 5.85 crore investors across the country.

          Advocate Pratap Venugopal, appearing for Security and Exchange Board of India (SEBI), sought a direction from the court to the Centre for restraining PACL from selling its overseas assets.

          "Investors have moved an Australian court and sought injunction against assets sold by PACL for 98 million dollar," Venugopal said.

          The group, comprising 45,000 investors, had alleged that the group has assets worth Rs 4,500 crore in Australia.

          It has said that the group's assets include Sheraton Mirage Resort (Sheraton) on the Gold Coast through a company called Pearls Australasia Mirage 1 Pty Ltd incorporated in October 2009, Pearls Infrastructure Projects Ltd and several other properties.

          The apex court had earlier asked PACL to approach the expert panel appointed by it to monitor the sale of assets and refund of money to the investors, for any relief for release of funds.

          It had on February 2 appointed the expert committee to monitor the sale of the assets of the company and refund of money to the investors of PACL.







          SC restrains PACL from selling its properties | ET RealEstate
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          • #15

            #15

            Re : PACL effect on pearls sectors in greater mohali and nearby projects like zirakpur

            Sebi asks public at large to keep away from PACL properties
            PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds.
            PTI | Jul 30, 2016, 08.02 AM IST

            NEW DELHI: Market regulator Sebi on Friday asked the public at large not to deal with any property where PACL and its promoters have interests, following a Supreme Court order.

            PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over a period of 18 years. The watchdog is looking to recover around Rs 60,000 crore for repayment to investors in the case.

            In a release today, Sebi said that public at large are advised "not to deal with any of the properties wherein PACL Ltd and/or its directors/promoters/agents/employees/group and/or associate companies directly or indirectly have any interest".

            On July 25, the Supreme Court restrained PACL, its "directors/promoters/agents/employees/group and/or associate companies are restrained from in any manner selling/ transferring/alienating any of the properties" wherein the company has an interest, either in within or outside India.







            Sebi asks public at large to keep away from PACL properties | ET RealEstate
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