Thursday, August 6, 2020
Home News Reports Facepalm: Congress' latest poll promise of returning money to victims of PACL fraud is...

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.

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.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Trending now

Ram Mandir, a symbol of cultural continuity: Northeast India and Sanatan Dharma

After a decade long historical, political and legal dispute and with a Supreme Court intervention brought to closure in the matter of construction of Ram Mandir and, finally, Lord Rama shall get its abode to live

‘Efforts were made to eradicate Lord Ram’s existence, but it is his immense power that he continued to live in our hearts’: PM Modi’s...

PM Modi who returned to Ayodhya after 29 years, performed the Ram Mandir's Bhoomi Pujan at 12.44.08 PM on 5th August

PM Narendra Modi and the journey from Ayodhya Andolan to Ram Mandir Bhoomi Pujan: Then and now

Now and then: Journey of PM Modi from Ayodhyan Andolan to Ram Mandir

From ‘nothing new about Shilanyas’ to ‘I will not find Ram there’, Bhoomi Pujan ceremony of the Ram Mandir in Ayodhya triggers a meltdown...

The liberal intelligentsia is having a hard time digesting the fact that the dream of millions of Hindus of a Ram Mandir in Ayodhya is finally turning into a reality

‘I, Narendra Damodardas Modi, on behalf of my country and its people’: Read what the PM’s ‘Sankalpa’ at Ram Mandir Bhoomi Pujan meant

PM Modi today did the Shilanyas and Bhoomi Pujan for the proposed Ram Mandir at the Ram Janmabhoomi site in Ayodhya.

Islamists, ‘liberals’ attack cricketer Mohammad Kaif for urging haters to not spew venom over Ram Mandir in Ayodhya

Mohammad Kaif was attacked by Islamists for urging people who were spewing venom over the Bhoomi Pujan to spread the message of love and dignity instead.

Recently Popular

Here is why #BabyPenguin is trending on Twitter, and why Aaditya Thackeray is called so by some

Yuva Sena registered complaint against twitter user for calling Aaditya Thackeray "Baby Penguin" and Uddhav Thackeray "Aurangzeb"

‘Situations do not last forever’: All India Muslim Personal Law Board issues a menacing threat on the eve of Ram Mandir Bhoomi Pujan

Comparing Babri Masjid to Turkey's newly converted mosque 'Hagia Sophia', the Muslim Personal Board said, "Babri Masjid was and will always be a Masjid".

NASDAQ billboard at NYC’s Times Square not to beam Lord Ram’s image after petitions by Muslim groups

Muslims groups in New York have objetected to the plan of displaying the images of Lord Ram on the large LED screens of Times Square on Bhoomi Pujan day.

Veer Savarkar’s prophecy ‘The day Hindus unite, Congress leaders will wear janeu over the coat’ comes true as they celebrate construction of Ram Mandir

Priyanka Gandhi Vadra, Kamal Nath and Manish Tewari have posted tweets, welcoming the Bhoomi pujan ceremony and extending their support for the construction of Ram Temple in Ayodhya

“Will believe in coronavirus if Amit Shah dies”: Shaheen Bagh ‘activist’ Aiman Rizwi urges Muslims to pray for his death

Rizwi also strongly believes that Coronavirus is a myth and propagated to conceal failures of Modi government.

Islamists, ‘liberals’ attack cricketer Mohammad Kaif for urging haters to not spew venom over Ram Mandir in Ayodhya

Mohammad Kaif was attacked by Islamists for urging people who were spewing venom over the Bhoomi Pujan to spread the message of love and dignity instead.

Bengal police lathi charge Hindus for organising Ram pujas during the one-day lockdown on 5th August

Police lathi charged Hindus, pull devotees out of temples for organizing Ram Pujas on Ram Mandir Bhumi Pujan in West Bengal

The Wire shares article citing discredited ‘experts’ to falsely claim older mosques existed beneath the Babri structure, not a temple

The Wire cites 'experts' who had claimed no temple was found below Babri Masjid, but they were not present during ASI digging

Digital billboard featuring Lord Ram and Ram Mandir comes up at Times Square in New York

A large curved digital screen located at the iconic Times Square displayed the images of Lord Ram and the Ram Mandir

Ram Mandir, a symbol of cultural continuity: Northeast India and Sanatan Dharma

After a decade long historical, political and legal dispute and with a Supreme Court intervention brought to closure in the matter of construction of Ram Mandir and, finally, Lord Rama shall get its abode to live

Meet K Parasaran, the 93-year-old ‘Pitamah’ of Indian laws who had said that logical end to Ram Janmabhoomi case was his last dream

K Parasaran once said that the logical end to Ram Janmabhoomi case was his last wish before he died

NDTV refers to Ram Janmabhoomi site as ‘disputed’, quietly edits posts after social media outrage

NDTV had uploaded posts on Facebook in which it had referred to Ram Janmabhoomi site as "disputed"

Kashmiris rejects Pakistan’s anti-India propaganda as hundreds come together to celebrate the first anniversary of abrogation of Article 370

Bangus Awaam Mela was organised to commemorate the first anniversary of the Abrogation of Article 370 in the valley

Kerala nun-rape case: Supreme Court dismisses discharge plea filed by rape accused Bishop Franco Mulakkal

Bishop Franco Mulakkal to face trial in the nun-rape case after Supreme Court dismissed his petition to discharge the case against him

Kashi Vishwanath and Krishna Janmasthan temples have to be liberated too: Senior BJP leader KS Eshwarappa

KS Eshwarappa also asserted that there will be temples at both Kashi and Mathura in the near future just like Ayodhya.

Ram Mandir Bhoomi Pujan: Illustrations, sculptures and paintings of Bhagwan Ram winning the social media

Many creative, and beautiful artworks have been made by artists for the occasion of Ram Mandir Bhoomi Pujan.

Related Articles

Connect with us

239,057FansLike
422,491FollowersFollow
290,000SubscribersSubscribe