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Posted at: Apr 17, 2018, 12:04 AM; last updated: Apr 17, 2018, 12:04 AM (IST)

Pancard Clubs: SEBI attaches assets to recover Rs 7,035 crore

Illegal fund raising case

  • The company had failed to comply with SEBI’s direction in February 2016 ordering it to refund to investors Rs 7,035 crore, raised through illegal collective investment schemes
  • It had mobilised the money from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes
Pancard Clubs: SEBI attaches assets to recover Rs 7,035 crore

New Delhi, April 16

Markets regulator SEBI on Monday ordered attachment of properties, luxury cars, gold and jewellery of Pancard Clubs and its directors to recover dues worth Rs 7,035 crore in a case related to illegal fund raising.

In December 2016, SEBI had attached bank and demat accounts of the company and its six directors. Subsequently, it had ordered attachment of several immovable properties. It has already auctioned several properties of the company in the past four months.

In the latest order, SEBI has said the funds available in bank accounts, securities available in the demat accounts and the assets of the defaulters already attached may not be sufficient towards the dues.

“It is noted that the value of assets of PCL and its directors estimated by the defaulter is much higher than the market value or government guidelines values. Many of the properties which were put for auction also could not be sold in spite of repeating the auction,” it added.

SEBI found that the defaulters have failed to disclose movable assets in their possession.

Accordingly, it has ordered attachment of as many as eight properties of the company, its late CMD Sudhir Moravekar and five directors. The properties listed include residential flats, office premises and shops in Maharashtra.

In addition, it has attached six vehicles including Mercedes Benz, Toyota Innova and Hyundai Verna; gold and jewellery worth Rs 25 lakh; 69 silver articles; and other household utilities, including computers, electronic gadgets, inventory of alcohol, furniture.

The company had failed to comply with SEBI’s direction in February 2016 ordering it to refund to investors Rs 7,035 crore, raised through illegal collective investment schemes (CIS). It had mobilised the money from 51,55,516 investors from 2002-03 to 2013-14 through its various holiday schemes. — PTI

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