SEBI Cautions the Public Against Dealing in the Subsidiaries of the PACL Group’s Properties

The Securities and Exchange Board of India (SEBI) has released a notice to warn the public against dealing in the subsidiaries of the PACL Group’s properties.

This is to inform the general public that, in accordance with the order dated February 02, 2016, issued by the Hon’ble Supreme Court of India in CA No. 13301/2015 titled Subrata Bhattacharya Vs. Securities and Exchange Board of India and other connected matters, SEBI has established a Committee under the chairmanship of Justice (Retd.) R. M. Lodha, a former Chief Justice of India, to dispose of the properties of PACL Ltd.

It is made clear that, contrary to what was fraudulently claimed in the aforementioned Authority Letter, the Committee has not given any individual or organization, least of all Mr. Harvinder Singh Bhangoo, permission to sell or otherwise dispose of the properties of PACL Ltd. Additionally, it is noted that any attempt by people or organisations to forcibly seize the possessions of PACL Ltd. will result in harsh punishment in accordance with the Hon’ble Supreme Court’s instructions.

In light of the aforementioned, the general public is once more advised against dealing with or purchasing any of PACL Ltd.’s properties or any properties in which PACL Ltd. or any of its affiliates or subsidiaries have an interest or right, directly or indirectly. Only the public notifications and news releases released by the Committee and made accessible on the website www.sebi.gov.in may be relied upon for information pertaining to the case of PACL Ltd.

To Read Official Notice Download PDF Given Below