Sebi receives 8 counter bids for PACL group properties
Markets regulator Sebi said it has received proposals from eight interested entities that can offer higher price for the properties belonging to PACL group, than that proposed by the company. The regulator had invited counter proposals from interested entities last month. The entities were required to submit such proposal till June 21, to R M Lodha committee, in response to the proposal submitted by PACL.The move was a part of efforts made by Sebi to recover funds totalling Rs 60,000 crore from the group. 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. These counter proposals are from Maharashtra-based entities Grovalue Marketing, Guardforce Ltd and City Wines. Besides, the proposals came from Tamil Nadu -based Vijay lakshmi Marketing, Lakshmi Murugan Developers and Bava Fules, and also from Delhi's P K Overseas (P) Ltd and Rohatas Dalal.
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