Cautionary Notice for Buyers: PACL Ltd. Property Transactions

Public Notice: Warning to Buyers Regarding PACL Ltd. Properties

Background

The Justice (Retd.) R.M. Lodha Committee has issued a cautionary notice for potential buyers and public investors concerning transactions involving properties owned by PACL Ltd. This notice follows the order from the Hon’ble Supreme Court of India dated February 02, 2016, in the case CA No. 13301/2015, titled Subrata Bhattacharya Vs. Securities and Exchange Board of India and associated matters.

Details of the Committee

A Committee has been established by the Securities and Exchange Board of India (SEBI) under the leadership of Justice (Retd.) R.M. Lodha, former Chief Justice of India. The Committee’s primary function is to manage the sale of PACL Ltd. properties to facilitate the restitution of investors.

Property Listings

The Committee has listed the seized properties of PACL Ltd., which are accessible on the following websites:

Authorized Properties Sales

According to the order from February 02, 2016, only the Committee has the authority to sell PACL Ltd. properties, or any properties where PACL Ltd. and its associated entities have interests, whether directly or indirectly.

Recent Misrepresentation

The Committee has become aware of an unauthorized Authority Letter numbered JRMLC/PACL/3442/2022, dated June 16, 2022. This letter, which claims to authorize Mr. Harvinder Singh Bhangoo to sell PACL properties in Karnataka, is being circulated. The letter incorrectly states:

“Mr. Harvinder Singh Bhangoo (Voter ID No. TJU9584804) will act as our official representative to deal with lands bearing follow Karnataka State…”

Clarification of Authority

The Committee wishes to clarify that it has not authorized Mr. Harvinder Singh Bhangoo or any other individual or entity to sell or dispose of properties owned by PACL Ltd., contrary to the claims made in the aforementioned letter. Furthermore, any attempts by individuals or entities to illegally take possession of these properties will face strict action under the directives of the Hon’ble Supreme Court.

Final Warning to the Public

In light of the situation, the public is strongly cautioned against engaging in any transactions involving PACL Ltd. properties, or properties in which PACL Ltd. or any of its associates or subsidiaries holds any rights or interests.