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Supreme Court passes verdict on Pearls Agrotech

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KAVERI

BENGALURU: Due to the complaints lodged against Pearls Agrotech Corporation Ltd (PACL) in 2013-14, claiming to have not refunded 4,500 crores to the investors, the Supreme Court has asked the organization to initiate steps to return the money.

The Court in February 2016 appointed the Justice Lodha Committee to handle the case. PACL was started in 1996 with over 350 branches all across the country and 18 branches in the state.

The investors have filed cases against the organization which is still pending with the local police. The Security and Exchange Board of India (SEBI) filed a case in the Supreme Court. The Central Bureau of Investigation (CBI) is also investigating into the matter. The Justice Lodha Committee had given a verdict that by August 2, 2016, all the money must be refunded to the investors.

People expected to receive the money, tried causing physical and mental stress to the officers of PACL due to their frustration, which has led to these officers ending their lives or attempting to commit suicide as stated in the press release.

SC has passed a judgment under the Justice Lodha Committee for the money to be refunded as soon as possible and maintain the dignity of the investors and see to it that they do not cause further problems for the officers too.

 

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