Shimla, May 25, 2017: Securities and Exchange Board of India (SEBI) under the chairmanship of Justice (retd) R M Lodha, had invited bids to sell the two major project of PACL Limited in Solan and Kangra district in exercises to refund public investment worth Rs 40,000 to 49,000 crore.
Talking to UNI, a SEBI spokesman said Lodha committee and SEBI decided to dispose properties of company so that the sale proceeds can be paid to the investors.
He said that Justice Lodha panel has been authorised to effect the sale of the properties of PACL Ltd, or properties wherein PACL Ltd has interest/right there in directly or indirectly.
Meanwhile in separate statement issued by SEBI to media here today said the Committee vide public notices and press releases has been from time to time informing that the process of refund would be initiated upon realisation of a sizeable amount.
