Petition : Pacl India Limited - Begin Refund procedure

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Around sixty million investors are waiting for their hard-earned money back from Pacl India Ltd. A case was filed by Sebi back in 1997 stating pacl was running Collective Investment Scheme without SEBI's permission. In 2003, Rajasthan High court rejected the orders of Sebi which was sent in 1999 stating that Pacl is not running Collective Investment Scheme. In 2013 Supreme Court set aside the order of Rajasthan High Court and asked Sebi to start a fresh probe against Pacl. In August 2014, Sebi ordered Pacl to refund the promised returns to the investors within 3 months. Pacl approached SAT against Sebi. In August 2015, SAT has backed the order of Sebi and has asked pacl to refund the money within 3 months. We have recently read some article stating that pacl should be allowed to continue its business operation for another 2 years as Pacl promises to earn huge profit and will be returning the promised returns to the investors. Pacl has not paid many investors even after the policy was matured years back. Recently some people visited Pacl India Ltd (Ghatkopar) branch which is now shifted to Thane. some officials of Pacl informed the investors that Pacl have planned to approach Supreme court before September, 2015 stating that they cannot refund the investors within 3 months and should be allowed to continue its business operation for another 2 to 3 years. Even though SEBI and SAT has agreed that Pacl should refund the returns within 3 months which should be done before November 2015, the officials of pacl state that it can only start the refund procedure after receiving permission to continue its business operation from CBI and also after the bank accounts of Pacl is released. I also read that there would be another hearing in November 2015 to release the bank accounts of pacl. I contacted CBI Delhi and was informed that the bank accounts of Pacl India Limited will be released only once the case is closed. I contacted SEBI and discussed the conversation I had with CBI Delhi. Sebi told me that they will wait for 3 months which would be after November 12 for any necessary action against Pacl India Limited. Sebi also told me to register a grievance against Pacl India Limited on SCORES(Sebi's portal for customer complaints). It has not helped me to get the returns yet. Sebi also asked to me to send an email to sebi which I did and still I didn't get the returns. Infact I also registered a grievance on our Prime Minister Narendra Modi's office website and I have received an acknowledgement stating that the grievance was closed and the matter has been forwarded to CBI. This is extremely disappointing that I cannot even follow up on a matter with CBI with the grievance being closed by our PM Narendra Modi's office. Some people have already lost their lives due to the returns being delayed and I have also heard that some women in Kerala who were working as agents were sexually harassed and the agents of Pacl are being beaten up by the investors. Today I again read that some congress leaders are trying to form another special committee, I hope this is not another sad excuse to delay the returns of the customer's who have been waiting patiently for years to get their returns. There was an hearing on November 05, 2015 and all were expecting that the bank accounts of Pacl India Limited would be released and that the customers would start receiving the refund, However the bank accounts were not released and now it all sounds like a lie from pacl India Limited. On November 05, 2015 I was informed that all the pending petitions from the Rajasthan High court has been transferred to the Supreme court of India. Now we have heard that there was an hearing on November 23, 2015 in the Supreme court of India, but nobody is aware of the outcome of this hearing. I have learned that there is no mechanism in place to protect people from so called ponzi scams. We requested Supreme court of India, Finance Minister Arun Jaitley, High court, Pacl India Limited, Sebi, Sat, MCA, RBI, CBI, ACB and all political parties in India to help expedite the refund procedure and yet we have not received any refund. I have learned that Pacl group is further alleged to have siphoned more than $100 million to Australia, including into the 2010 purchase of the Sheraton Mirage Resort on the Gold Coast for $62 million by one of its subsidiaries, Pearls Australasia, now known as Miiresorts Group. Shine Lawyers lodged a class action suit in the Federal Court of Australia on behalf of about 46,000 Indian investors, who collectively put more than $10 million into the scheme, and wanted Pearls' Gold Coast assets frozen. At a hearing in Brisbane, the court heard the Sheraton Mirage will be sold on July 29 to an undisclosed buyer for about $140 million. Barrister Caroline Kenny QC for the Indian investors argued the sale should be blocked to safeguard the proceeds, or a receiver be appointed ahead of an expected trial. Justice John Dowsett also expressed concerns about the strength of the class action suit against Miiresorts Group and associated companies, and whether the investors could prove the funds used to purchase the Sheraton Mirage Resort were indeed ill-gotten gains from the Ponzi scheme. In the absence of any evidence suggesting otherwise, Ms Kenny said it should be inferred that money from the Ponzi scheme was used to buy the property. Justice Dowsett declined to issue a caveat over the property, instead opting for the sale ­proceeds — minus $42m that­ ­Miiresorts owes to Goldman Sachs on a mortgage now in default — to be locked into an interest bearing ­account.The court also heard Mr Brinsmead and Mr Madrers also claimed they would receive a ­success fee of 50 per cent for the sale — a claim that shocked the ­resort’s Indian-based beneficiary owner, Pearls Infrastructure Project Limited.“My client ... owns about 99 per cent of the shares in the owner of the Mirage,” PIPL’s barrister ­Andrew Crowe QC said. Many customers of Pacl India Limited have committed suicides and still the GOI and Australian Government don't care about the customers suffering because of the scam in India. Supreme court of India has appointed Lodha committee in January 2016 to sell the assets and start the refund procedure. Lodha committee has appointed 3 different companies to sell the assets and they are Hdfc Realty, SBI Capital and UTI. These companies are carrying out the auctions, However the website of SBI Caps and UTI is always down. I have contacted SEBI and have informed about this multiple times and still the websites are down, I have also inform Vijay Tiwari from Lodha committee regarding this and I have been asked to visit the Lodha office in Delhi, but the websites continue to stay down. As per SEBI, the latest update they have received from Lodha committee on September 06, 2017 is to again wait for the auction to complete. The auction has been running for almost 2 years and the refund has not started yet. On the other hand, the Federal court of Australia has not even started the due diligence to find the source of the money MiiGroup has in its account. The Gold coast resort has been sold to Star entertainment company and the purchase amount is ordered to be kept in Trust account in Australia. Sebi has not even collected the documents from the pacl customers who has invested in Pacl India Limited. After a long struggle with Lodha committee started collecting the documents from Jan 2018 to March 2018 and till date Dec 2018, they have not been able to complete the refund of Rs2500. In Jan 2019 before elections sebi informed everyone to submit the receipts and agreement of investment and many were submitted including mine. I am expecting a refund of 10 Lakh rupees and many have invested even bigger amount. Lodha committee is still refunding those who are expecting 5000 rupees. Why is Supreme court of India not questioning Lodha committee for not completing the refund within 3 months dated February 2016.

I have contacted Sebi many times to check if they have any update on the refund and everytime they have asked me to contact Lodha committee at 022 6121 6966. I have tried calling Lodha committee many times but they have never answered any of the calls. I doubt if there is a separate Lodha committee and if there is a committe then it is very inefficient and one cannot expect the refund anytime soon.

We are very disappointed by Lodha committee, Supreme Court of India, Government of India, Government of Australia, Ministry of  Corporate Affairs(India), Sebi, sat, SBI Capital, UTI, HDFC REALTY and High court.

Thank you.