PACL to move Securities Appellate Tribunal

Facing a SEBI order with charges of running an illicit money pooling scheme worth about Rs.50,000 crore, PACL, on Friday, said it would approach the Securities Appellate Tribunal against the directive of the capital markets regulator.

“SEBI has unfortunately failed to recognise the submissions of the company that it can’t be treated like a CIS. The company would now appeal this order before the Securities Appellate Tribunal,” PACL said in a statement after the SEBI order. PACL further said it “would also like to remind its customers that it has always kept their interest paramount and would continue to do so. We assure our customers that their investments are safe and their interests would not be jeopardised,” the company added.