Sebi begins auction of two PACL properties

Mumbai, July 5 

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Markets regulator Sebi today held e-auction of two properties belonging to PACL group as part of its efforts to recover funds totalling Rs 60,000 crore.

The auction was carried out by HDFC Realty on behalf of the Sebi. Two properties of PACL, also known as Pearl Group, located in New Delhi include a spacious office property in Connaught Place area and a residential plot in Nangloi in northeastern Delhi. They were put on the block today with reserve prices of Rs 26.63 crore and Rs 81 lakh, respectively. HDFC Realty and any other concerned entities declined to give information on the results of today's auction citing regulatory directions.

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PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years. 

Pursuant to a Supreme Court order, Sebi had set up a high-level committee to ensure that refunds are made to the genuine investors after sale of attached PACL assets. Subsequently, Sebi has roped in HDFC Realty for the auction. A panel, headed by former CJI RM Lodha is overseeing the process of disposing of properties to refund investors after verifying their genuineness.

Last December, Sebi had ordered attachment of all assets of PACL for failure to refund Rs 60,000 crore due to investors. — PTI