Home News Reports Facepalm: Congress' latest poll promise of returning money to victims of PACL fraud is already being fulfilled under Modi govt

Facepalm: Congress’ latest poll promise of returning money to victims of PACL fraud is already being fulfilled under Modi govt

A major step in the process in returning the money will be concluded even before the elections are concluded, and the Congress party will have nothing to do even it somehow comes to power.

The Congress party on Thursday issued a statement through one of its official social media handles voicing its commitment towards the victims of various chit fund scams, and victims of the Pearl Agrotech Corporation Limited (PACL) fraud in particular.

In its statement, the Congress party said, “The Congress party wishes to state that within 6 months of government formation, 5.85 crore families afflicted by PACL will be ensured payment with interest according to the February 2, 2016 decision of the Supreme Court as well as pass stringent laws to curb such scams which attack the right to dignity of each citizen.”

The Congress party appears to have picked up the issue after The Wire ran a story regarding some victims of the fraud protesting the issue at Narendra Modi’s rally in Chittorgarh, Rajasthan. In its report, the leftist propaganda website alleged that no concrete steps have been taken by the NDA government to refund the money as per the directions of the Supreme Court.

- Advertisement - - Article resumes -

But in reality, the SEBI has been soliciting applications from those who had invested money in PACL. The last date for submitting these applications is 30th of April, 2019. SEBI had already initiated the procedure of returning Rs. 49,000 crores to 6 crore investors in February.

As for the fraud itself, it dates back to 1997 when PACL first began mobilization of funds. After receiving a complaint, SEBI in 1999 issued letters directing the PACL to comply with the provisions of the collective investment scheme (CIS) Regulations. The PACL took the matter to the Courts and claimed that its scheme did not fall under CIS and challenged the constitutional validity of the CIS itself. The matter spent a lot of time in the Court the following years.

Ultimately, the Securities Appellate Tribunal (SAT) in 2015 directed PACL and its promoter-director to refund the money within 3 months. And in 2016, the Supreme Court ruled that that the money lying in the bank accounts of the company and other cash belonging to it should be released in favour of SEBI so that the money can be refunded to the investors.

And as mentioned above, SEBI initiated the process of returning the money in February this and the last date for applying for a refund ends is the last day of the month of April. Therefore, a major step in the process in returning the money will be concluded even before the elections are concluded, and the Congress party will have nothing to do even it somehow comes to power.

Share This Post With Your Friends & Fans:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Election 2019 Final Tally

Check the final seat tally and other post election coverage

A tribute to OpIndia’s fallen star

On 13th May 2019, Devandhu Rajput succumbed to cancer.

The Left has lost its deposit. It is time for the Right to fight Modi

Modi 2.0 heralds a new beginning for India and her people. It must not be allowed to cultivate the habits of Modi 1.0.

Smriti Irani’s aide in Amethi shot dead, his son says some Congress workers were not happy with BJP’s ‘Vijay Yatra’

Smriti Irani had defeated Rahul Gandhi on his home turf of Amethi in Uttar Pradesh by a margin of 55,120 votes
NYT peddles Modi 2.0 as victory of India's most divisive leader

Dear New York Times, India has chosen Modi 2.0, deal with it

When India gives a thumping, unprecedented, overwhelming victory to a man who has made every single Indian feel proud of their nation and heritage, the NYT's heartburn is expected. 

Rajdeep Sardesai thinks Narendra Modi should thank Masood Azhar, among others, for BJP’s victory

As a long term Congress loyalist media person, Rajdeep Sardesai is yet to come to terms that Modi won a second term with thumping majority

Meerut: Communal tension after a video showing Muslim men beating up shopkeepers goes viral

A viral video where Muslim men are beating up a shopkeeper has triggered communal tensions in Meerut

Congress-friendly journalist Pallavi Ghosh calls out her own channel for reporting ‘wrong news’ about the Gandhis

Senior journalist Pallavi Ghosh just accused her own channel of spreading fake news

The Wire traces and ‘hunts down’ Muslim women who support Modi, call them ‘RSS-backed’

The Wire insinuates that the voices of these Muslim women are not valid only because they are part of an organisation that is 'RSS-backed'

Congress is now reduced to a ‘vote cutter’ party, costing its allies as many as 9 seats in UP

The grand old party has reduced itself to a fringe party which cuts into votes costing their own former ally as many as 9 seats in UP
Subscribe to Day's Top Stories

Latest articles

Connect with us

165,113FansLike
143,514FollowersFollow
65,406SubscribersSubscribe
Share This Post With Your Friends & Fans: