PACL investors write to CJI, demand refund

Sukhmeet Bhasin

Advertisement

Tribune News Service

Bathinda, June 16

Pearls Workers and Investors Union, Punjab, has written a letter to the Chief Justice of India (CJI) requesting him to issue directions to the MD and directors of PACL LTD to refund them the invested amount along with interest.

They said, “We have all invested our hard-earned money in PACL LTD and the same has been depoited by Nirmal Singh Bhangoo, MD PACL LTD by wrong and illegal means.”

Divulging details, they stated that Pearls group which was initially established as the PGF in the year 1983 and the same was merged into PACL LTD in the year 1996 has now become a group of companies having six crore customers all over India.

They alleged that the properties which are in the name of company are of less value as they are barren and unproductive. On August 22, 2014, the SEBI had directed the company to refund the amount of investors be refunded after selling the properties of the company. In spite of all that the company has not started refunding the money to the investors.

The reason behind it is that the properties which are barren, unproductive and of less value, in the name of company are unable to sell means nobody wants to purchase them and the properties which are of high value and in the name of relatives and the near dear, Nirmal Singh Bhangoo does not want to sell them. Due to which they are afraid that Bhangoo and other directors of the company might not run away abroad and if this happens it will cause a huge loss to the general public.

They also stated that besides PACL LTD, another company was also formed by Bhangoo, in which his relatives and near dears ones were selected as MC and CMD. The scheme under this company was that the cards would be issued at a price of Rs 5,000 to Rs 15,000 per card from the member and ration would be supplied to the members till the maturity. The company promised to refund approximate double the amount invested. But the ration was supplied for five to seven months only and neither the principal amount nor the interest was paid till now to the member. In this way, Bhangoo is habitual of duping general public by forming fake companies.

Pearls workers and investors’ union leaders Mohinderpal Singh, Kulwant Singh Bhullar, Ranjit Singh, Sukhwinder Singh, Baljit Singh, Manmeet Singh, Sadhu Singh and others today met officiating Deputy Commissioner Varinder Kumar Sharma and demanded that PACL be directed to refund their money and registration of a case against Nirmal Singh Bhangoo.