Parl panel grills Sebi chief over delay in returning money to PACL investors

New Delhi: A Parliamentary panel on Tuesday grilled Sebi Chairman Ajay Tyagi over the delay in returning money to the investors of PACL as well as its alleged lacklustre approach in addressing investor grievances with respect to Sahara, Saradha and other cases, according to sources.

Tyagi was summoned by the Parliamentary Committee on Petitions following a representation from Gourav Kumar Soni, an individual who had invested in the schemes floated by PACL. He had alleged that Sebi acted in a high-handed manner in refunding money to investors of Pulse Agro Corporation Limited (PACL), as per the meeting notice.

PACL had illegally raised money from the public in the name of agriculture and real estate businesses. Sebi, which regulates collective investment schemes, found that the company had collected more than Rs 60,000 crore such illegal schemes. The watchdog has also taken actions to refund money to the investors.

Sources who were present at the meeting said that Tyagi was grilled by various members of the committee over the regulator's lacklustre approach and its high handedness in refunding the money to PACL investors.

Members of the panel also rebuked the Sebi chief for the delay in settling the accounts of investors of PACL.