Sebi invites counter bids for PACL group properties

Markets regulator Sebi has invited proposals from interested entities, that can offer higher price for the properties belonging to PACL group, than the plan put in place by the company. The entities have been asked to submit counter proposals till June 21, to R M Lodha committee, in response to the proposal submitted by PACL, the regulator said in a statement.

The move is a part of efforts made by the Securities and Exchange Board of India (Sebi) to recover funds totalling Rs 60,000 crore. PACL also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.

The panel, headed by former Chief Justice of India Lodha, is overseeing the process of disposing of properties to refund investors after verifying their genuineness. Sebi had set up a high-level committee following a Supreme Court order.

"Any person(s) /entity/entities desirous of offering a price higher than the value of the proposal submitted by PACL in respect of the properties ....May do so ....By way of a counter proposal signed by the authorised representative specifying therein the total value of such proposal placed in a sealed cover... By June 21, 2018," Sebi said.

PACL last month submitted a proposal to the committee to recover more than Rs 15,000 crore in two years.

As per the proposal, the company offered to bring in buyers to purchase its assets for a total consideration of at least Rs 15,000 crore.

Of this, the firm suggested to bring in Rs 7,500 crore in the first year and the same amount in the second year through either sale of its assets to buyers or to through facilitating collaboration with government entities to develop its properties.