The Justice (Retd.) R. M. Lodha Committee had called for submission online by investors of PACL Limited of applications for refund vide press release dated February 08, 2019.
The Committee has been processing applications received from investors in a phased manner, slab-wise, and current applications with claim amount up to Rs. 10,000/- have been processed and payments have been effected in respect of eligible claim applications.
The payments are processed after verification of documents uploaded by the investors along with their applications and payment amount calculated accordingly.
PACL applications were found deficient
The Committee has also from time to time provided investors, having claims up to Rs. 10,000/- and whose applications were found deficient, an opportunity to check status/ deficiencies in their applications and make good the deficiencies so that the applications could be processed also.
The last such opportunity was provided up to March 31, 2021. Currently, the facility to rectify the deficiencies in the claim applications is not available and investors may await further notification from the Committee in this regard.
Status of payment to investors Committee has successfully effected refunds
The applications where investors have indicated / marked Land Allotted field as “Yes” or where land has been allotted to the investor as per records provided by PACL.
Have been kept on hold and will be taken up for consideration at a later stage. Further, processing of cases where ‘Deferred/ Endorsed’ has been mentioned on the PACL Certificate has also been kept on hold.
As of March 31, 2021, the Committee has successfully effected refunds in respect of 12,70,849 eligible applications (with claims up to Rs. 10,000/-) aggregating to Rs. 438.34 crore.