Most of the media reporting on PACL Ltd. has been negative. The real estate company is being targeted purely on the basis of speculations, and lacks substance. We are very quick to believe a story. As human beings, we are programmed to lose track of reality, and follow the herd mentality. PACL ltd is one such victim.
The company has been asked by cto return around Rs. 49000 crores to the investors. The rumor has it that PACL does not have enough money to follow SEBI’s directives and that the investors’ money is jeopardized. However, if company sources are to be believed, this is just a gossip, designed to derail PACL’s efforts.
The assets of Pearls Group’s PACL are way more than the liabilities. PACL has the largest land bank in Asia, a fact that makes all allegations of financial difficulties against them sound absurd and meaningless. If the company has enough money to pay back to the investors, then what is causing the delay?
Jyoti Narayan, official spokesperson for PACL, says, “There is a one word answer to all these questions – standoff. Contradictory directives issued by SEBI and CBI have brought the company to a standstill. As per the verdict passed by the Rajasthan High Court, PACL Ltd. is a real estate company. This means PACL does not fall under SEBI’s jurisdiction, making the whole affair controversial and dictatorial.”
To worsen the situation, SEBI has asked PACL to return Rs 49000 crore to investors in just three months. This is in straight contradiction with CBI’s orders, which clearly mention that PACL cannot execute any business operations without getting permission from the CBI. This has been hampering PACL’s business for a long time now. Since all the original documents are with the CBI, PACL has not been able to furnish these documents to their investors for confidence building. Even the foreign investors have shown apprehension.
Which company can repay such a huge amount in such a short span of time? And for how long should PACL suffer at the hands of conflicting CBI and SEBI?