SC asks Pearls group to move expert panel for dues payment

Supreme Court on Tuesday asked Pearls Agrotech Corporation Ltd (PACL) to approach the expert panel appointed by it to monitor the sale of assets and refund of money to the investors, for any relief for release of funds.

A bench comprising Justices A R Dave and L Nageshwara Rao asked the group to move its application for release of funds to pay statutory dues with the expert committee headed by former Chief of India R M Lodha.

“Petitioner (PACL) is directed to approach the Justice R M Lodha committee with its application seeking relief. The committee can take appropriate decision with regard to the application,” the bench said.

During the hearing, senior advocate Abhishek Manu Singhvi said the company needed to pay statutory dues like litigation costs, Provident Funds and insurance of the employees and other expenses, for which SEBI should release the funds.

Counsel appearing for Security and Exchange Board of India (SEBI) opposed the plea and said they had only Rs 112 crore which will be paid to the investors and company’s application should not 

be entertained.