PAN CARD CLUB LTD must return investors' money within a deadline!

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Pan Card Clubs Ltd, a subsidiary of PANORAMIC UNIVERSAL LTD which owns big chain of hotels around the world including Hotel United 21 at Thane has been under scanner for raising crores of money from common public from its unregistered business! Though it has delivered on its promises for the last 13 years, it has now failed to deliver on its promise of returning back investors' hard earned money on the maturity dates as SEBI recently realised that the fund raising activity is in voilation of the terms. SEBI ordered freezing of bank accounts of the comany which further delayed the payments to investors. Payments are pending since April 2015. The company was asked by SEBI in its order dated 29/02/2016 to return investors' money within 3 months from the order and that a status report be submitted till 15/06/2016, however, people are still struggling to get back their hard earned money! There is no official word from the company as to when the amounts will be refunded and the answer that investors are getting from the employees is that amounts can be refunded only after the sales proceeds from the hotels is received by the company! But how long should the common man keep patience!? No media has highlighted this non sense that is going on for almost a year now and so I request the authorites to set a deadline for the refunds and also request the media to build pressure on the directors of the company.


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