Wednesday, 29 November 2017

PACL investors block West Veli Street, seek return of money

Traffic came to a standstill on West Veli Street, an arterial road in the city in front of the Madurai railway junction, on Friday as investors of a private firm tried to block the road demanding return of their money. The protest was carried out by people who invested in PACL, a private real estatedevelopment company headquarted in New Delhi

In December 2015, Security and Exchanges Board of India (SEBI), had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund more than Rs 60,000 crore due to investors.
According to SEBI, PACL had raised Rs 49,100 crore from nearly 5 crore investors in the country in the name of agriculture and real estate businesses that it needs to refund along with promised returns, interest payout and other charges.

The protesters initially attempted to stage a rail roko. As they were stopped by a large number of police personnel posted there, they sat on the main road urging the government to take quick measures to return their money.

Functionaries of Communist Party of India led the protest. Madurai city police had known in advance about the protest and made elaborate preventive measures. However, they were outnumbered by the crowd. Investors not only from Madurai district but also areas like Virudhunagar took part in the protest.

City traffic police made alternative traffic arrangement to ensure smooth vehicular movement. According to the police, 800 protesters including 300 women were arrested and released later.

They were shifted from the road and lodged in nearby halls before being released. Police sources said that the Supreme Court-appointed R M Lodha committee has been overseeing the disposal of PACL assets so as to refund the affected investors.

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