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Sebi invites PACL, 3 others for preliminary discussion next week

The regulator had invited fresh counter proposals from interested entities earlier this month.


PTI India
Updated: 20-07-2018 19:00 IST
Sebi invites PACL, 3 others for preliminary discussion next week

The move is part of efforts made by the Securities and Exchange Board of India (Sebi) to recover funds totalling Rs 60,000 crore. (Image Credit: Twitter)

Markets regulator Sebi today said it has invited next week four companies, including PACL Ltd, for a preliminary discussion with regard to their proposals for the properties belonging to the group.

It has received seven proposals from interested entities for the properties belonging to PACL group after receiving a new bid from the company. However, it has invited only four companies for preliminary discussion on July 25, Sebi said in a statement.

The regulator had invited fresh counter proposals from interested entities earlier this month. The entities were required to submit such proposal till July 17, to R M Lodha committee, in response to a new proposal submitted by PACL.

It has obtained a proposal from PACL itself, besides, three bids from Maharashtra-based firms -- SDPL Land and Builders,

Trig Guardforce and Janlok Pratishthan; two from Tamil Nadu-based companies -- National Enterprises and Vijayalakshmi Marketing-- and another one from Uttar Pradesh-based Jackson Engineers.

The committee, however, has decided that four proposals which have been received for entirety of the properties remain for consideration are that of Grovalue Marketing, PACL Ltd, SDPL Land and Builders and Trig Guardforce Ltd.

Besides, it has called these four companies "for a preliminary discussion with the members of the committee on Wednesday, July 25, 2018," at the regulator's headquarter.

The move is part of efforts made by the Securities and Exchange Board of India (Sebi) to recover funds totalling Rs 60,000 crore.

PACL, also known as Pearl Group, 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 18 years.

The panel, headed by former Chief Justice of India R M Lodha, is overseeing the process of disposing of properties to refund investors after verifying their genuineness. Sebi had set up the high-level committee following a Supreme Court order.

Earlier in May, the regulator had invited proposals from interested entities that can offer higher bid for the properties belonging to PACL group, than the offer made by the company in April. A total of nine such proposals were received by June 21.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India

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