PACL Ltd.

SAT-appeal

• SEBI held that schemes floated by PACL constituted unregistered Collective Investment Schemes, and directed winding up and refund of monies collected from investors.
  Appeals challenging SEBI's order dated 22 August 2014 were heard together and disposed of by common order. · SEBI had directed PACL and its promoters/directors to wind up the CIS and refund monies collected from customers with promised return within three months.
  Appeal: Appeal Nos. 368, 369, 370 of 2014 and 95 of 2015 were decided together by SAT on 12 August 2015; the excerpt does not state the operative result.
• SEBI alleged that PACL's land-sale schemes constituted unregistered Collective Investment Schemes and directed winding up and refund of monies collected from customers.
  Appeals 368/2014, 369/2014, 370/2014 and 95/2015 were heard together and disposed of by common order.
  Appeal: Appeal Nos. 368/2014, 369/2014, 370/2014 and 95/2015 decided by SAT on 12 August 2015; disposal outcome is not included in the provided text.
• Alleged fraudulent and unfair trade practices; the precise practices are not described in the order.
  Impugned adjudication orders dated 22 September 2015 set aside. · SEBI directed to pass fresh orders on merits and in accordance with law.
  Appeal: Appeal Nos. 467, 491 and 492 of 2015 disposed of by SAT on 27 October 2016; impugned orders set aside and matter remanded to SEBI for fresh orders.
• PACL Ltd. allegedly operated collective investment schemes without SEBI registration and failed to seek or obtain registration/provisional registration under the CIS Regulations. The appellant was alleged liable for schemes run during his directorship.
  Appeal disposed of. · Finding that the appellant violated Section 12(1B) of the SEBI Act upheld.
  Appeal: Appeal No. 94 of 2015 disposed of by SAT on 22 June 2017; impugned SEBI WTM order dated 22 August 2014 modified.
• Alleged fraudulent and unfair trade practices attracting penalty under Section 15HA of SEBI Act
  Impugned AO orders set aside · SEBI directed to pass fresh order on merits and in accordance with law
• Alleged fraudulent and unfair trade practices attracting penalty under Section 15HA of SEBI Act
  Impugned Adjudicating Officer orders set aside · SEBI directed to pass fresh order on merits and in accordance with law
• Schemes floated by PACL for sale/purchase and development of agricultural land constitute unregistered Collective Investment Schemes run in violation of SEBI Act and CIS Regulations.
  SEBI order 22.08.2014: wind up existing CIS and refund monies collected with promised return within 3 months · SAT common order dated 12.08.2015 disposes Appeals together; operative findings truncated in excerpt
  Appeal: Appeal Nos. 368, 369, 370 of 2014 and 95 of 2015 with M.A. Nos. 88, 129, 171 of 2015 against SEBI order dated 22.08.2014; Date of Decision 12.08.2015 by common order
• PACL schemes for sale/purchase and development of agricultural land alleged to constitute unregistered Collective Investment Schemes in violation of SEBI Act and CIS Regulations.
  SEBI order dated 22.08.2014 held PACL schemes are CIS and directed PACL/promoters/directors to wind up existing CIS and refund monies collected with promised returns - under challenge in appeals
  Appeal: Appeal Nos. 368, 369, 370 of 2014 and 95 of 2015 against SEBI order dated 22.08.2014 with Misc. Appl. Nos. 88, 129, 171 of 2015, decided by common order dated 12.08.2015