A group of aggrieved investors would stage a nationwide protest against Securities and Exchange Board of India, the first such protest targeting the market regulator in nearly three decades.
Spearheaded by Pune-based citizen's group, Janlok Pratishthan, investors who were allegedly defrauded by Pearls Infrastructure Projects (PACL) under their collective investment scheme, would take out the maha-morcha on 26 February, at the MMRDA Ground at the Bandra-Kurla Complex in Mumbai.
"We are determined to fight it out with the help of the common man," said Sunanda Kadam, Presiden of Janlok Pratishthan.
"SEBI has failed to protect the interests of PACL investors and ensure the safe return of their hard-earned investments. The small depositors are always at the receiving end of defaulting companies and institutions like SEBI are increasingly proving lax in safeguarding PACL investors interest," Kadam said.
"PACL has cheated thousands of investors to the tune of crores of rupees. The Supreme Court and a committee constituted under Justice R M Lodha of the apex court had ruled that the properties of PACL were to be auctioned and the resulting proceeds were to be used to repay PACL investors with interest within 6 months. Since the passing of the judgment two years back, PACL has deposited only Rs.370 crore with the committee," Kadam pointed out.
The judgment of the Supreme Court and Justice R.M.Lodha Committee have not been honoured and implemented by the central government, the state governments and district administrations, the investor's group said.
"There is no option but to take out a peaceful morcha," Kadam said, adding that the SEBI has proved ineffective in refunding the investments of nearly Rs 6 crore of PACL investors with interest."
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