Hi,
I was approached by an agent working for PACL INDIA LIMITED in December, 2009. The agent informed that this company is running a scheme where I have to pay installment every month for another 6 years and after 6 years the company will pay the returns. I started investing Rs8800 every month from 31 December 2009 and they promised a return of 924000 after the maturity on 31 December 2015 OR decide to take the plot alloted by the company anywhere in India. Now the company is suppose to inform the customers the location where the plot has been alloted to the customer after 3 years of paying the installment. In my case, the company has failed to let me know about the location where the plot was allotted. In August 2014, I went to the company to pay the installment and was informed that the company has been ordered to not collect any money from the customer by SEBI. I have been reading news on a daily basis and I found that Sebi has ordered Pacl back in 1996 to stop collecting money from the customer as their schemes fall under Collective Investment Scheme and that Pacl India Limited does not have permission from Sebi to run these schemes and these schemes were discountinued. In 1996, the proceedings of this case was held in the Rajasthan High Court and while the case was being run in the High court, the directors started new schemes and started collecting money again without acquiring permission from Sebi. In 2013, Supreme court gave special power to Sebi and a case was registered against Pacl India Limited by Sebi. In August 2014, Sebi ordered Pacl India Limited to stop collecting the money from the investors and informed Pacl India Limited to refund the promised returns to the customer within 3 months which should have been November 2014 and also ordered to close it business operation within 15 days after refunding the returns in these 3 months. Pacl India Limited approached another regulator SAT against the order from SEBI. In August 2015, SAT agreed with SEBI and ordered Pacl India Limited to stop collecting the money from the investors and informed Pacl India Limited to refund the promised returns to the customer within 3 months which should be 12 November 2014 and also ordered to close it business operation within 15 days after refunding the returns in these 3 months. In August 2015, I approached Pacl India Limited and requested to refund the returns, the company said that there bank accounts have been freezed by CBI due to which they cannot return the refund. I contacted SEBI and was informed that they are not aware whether the bank accounts of Pacl India Limited is freezed and SEBI said that we will wait for 3 months for Pacl India Limited to refund the returns before taking any necessary action. I contacted CBI Delhi and I was informed that the bank accounts of Pacl India Limited will not be released until the case is closed. I contacted Pacl and was informed that they have a legal proceeding on Nov 05, 2015 in Delhi High court to release the bank accounts. Sebi also told me to register a grevince on Sebi's portal called SCORES which I have already done but didnt get any help. Infact I also registered a greviance on Our PM Narendra Modi's office website but the greviance was closed stating that the greviance was forwarded to CBI. Recently I contacted SEBI and I was informed to sent an email to SEBI about the same which I have done. The case against Pacl India Limited has been running for more than 17 years.
Please let me know what should I do to get the returns.
Thank you
