The phones at the Securities Appellate Tribunal(SAT) don’t stop ringing these days. The tribunal’s staff are tired of answering calls from investors asking them for refund of their money which they had invested in PACL, formerly Pearl Agrotech Corporation.
Market regulator Sebi had ordered the company to refund over Rs 44,000 crore that it had raised through collective investment schemes. Women from Satara, district of Maharashtra, who have been regularly attending the hearing of the case, have also tried to do a dharna outside Ernest House, Nariman Point,where the SAT bench sits.
It is learnt that SAT officials have tried their best to explain to these aggrieved women that it only looks at the legal aspect of the PACL case and doesn’t refund any money to investors.Despite all these attempts, the tribunal is now inundated with calls on when it will pass the order.