<div align="justify">A panel headed by former chief justice of India R M Lodha has found that the PACL Limited owed Rs 80,000 crore to more than five crore investors across the country. The revelation has made the scam look bigger than the Sahara case. As per the information furnished by the company, its principal liability towards the investors is around Rs 57,000 crore. <br /><br />Besides, there is a demand from the Income Tax Department to the tune of Rs 24,500 crore. In addition, the company has several other liabilities running into more than Rs 1,000 crore comprising rental dues, salary and other related statutory dues, maintenance charges against properties/offices,” the panel noted.<br />In a status report submitted to the Supreme Court, Justice Lodha panel said it is not disputed that the company mobilised more than Rs 50,000 crore, whereas its liability <br /><br />is more than Rs 80,000 crore. The panel has now sought a direction from the apex court to the PACL Ltd to furnish details of properties that are still owned by it directly or indirectly. The panel is looking into the issue of refund of money to the investors of the company. The apex court had on February 2, 2016, directed the Securities and Exchange Board of India (Sebi) to set up the committee under the chairmanship of Justice Lodha for disposing of land purchased by PACL Ltd so that the sale proceeds could be paid to the investors.<br /><br />The CBI and Sebi are proceeding separately against PACL Ltd and its promoters and directors, including Nirmal Singh Bhangoo, for their failure to refund money to the investors. The properties of the company are said to be spread over 23 states and 193 districts across the country. The CBI has forwarded 29,000 documents to the committee in 90 steel boxes.<br /><br />Among others, the panel sought direction to PACL Ltd to recover and deposit within 45 days with the committee inter-corporate loan and advances given to corporate bodies or individuals.<br /><br /></div>
<div align="justify">A panel headed by former chief justice of India R M Lodha has found that the PACL Limited owed Rs 80,000 crore to more than five crore investors across the country. The revelation has made the scam look bigger than the Sahara case. As per the information furnished by the company, its principal liability towards the investors is around Rs 57,000 crore. <br /><br />Besides, there is a demand from the Income Tax Department to the tune of Rs 24,500 crore. In addition, the company has several other liabilities running into more than Rs 1,000 crore comprising rental dues, salary and other related statutory dues, maintenance charges against properties/offices,” the panel noted.<br />In a status report submitted to the Supreme Court, Justice Lodha panel said it is not disputed that the company mobilised more than Rs 50,000 crore, whereas its liability <br /><br />is more than Rs 80,000 crore. The panel has now sought a direction from the apex court to the PACL Ltd to furnish details of properties that are still owned by it directly or indirectly. The panel is looking into the issue of refund of money to the investors of the company. The apex court had on February 2, 2016, directed the Securities and Exchange Board of India (Sebi) to set up the committee under the chairmanship of Justice Lodha for disposing of land purchased by PACL Ltd so that the sale proceeds could be paid to the investors.<br /><br />The CBI and Sebi are proceeding separately against PACL Ltd and its promoters and directors, including Nirmal Singh Bhangoo, for their failure to refund money to the investors. The properties of the company are said to be spread over 23 states and 193 districts across the country. The CBI has forwarded 29,000 documents to the committee in 90 steel boxes.<br /><br />Among others, the panel sought direction to PACL Ltd to recover and deposit within 45 days with the committee inter-corporate loan and advances given to corporate bodies or individuals.<br /><br /></div>
