MAHARASHTRA. Raigad: In defiance of the Supreme Court’s (SC) directives to only sell Pearls Agrotech Corporation Limited (PACL) properties through public auctions to recover nearly Rs. 49,100 crore defrauded from over 5.50 crore investors, the covert sale of the company’s assets persists.
The recent sale of land plots in Raigad, Maharashtra, serves as a glaring example of this disregard for the court’s orders.
Sale of land plots in Raigad
Two land plots, measuring 11,640 and 9,630 square meters (survey No 65/2/A and 65/2/K) located in Kharsundi village and listed as MR.No.25428/16 for public auction by the CJI (Retd) R M Lodha Committee, were sold to a family – Bhagwan Nathaji Batule (55), Chhabu B Batule (52), and Nitin B Batule (28) for Rs 3.60 crore (Registration No. 4437/2023 dated September 12, recorded with the Office of the Sub-Registrar, Khalapur, Raigad).
These plots, belonging to PACL’s associate, “Wildoak Infrastructure and Projects Private Limited,” were sold by its director, Richi Aggarwal (40), without informing the Lodha Committee.
Additionally, individuals residing on the plot awarded a Rs 50 lakh contract to extract gravel from the land to Laxman Kisan Gaikwad.
Janhit Association’s appeal
Ganesh Khandwe and Vishal Mhetre, office bearers of the “Janhit Association,” an investor group, sent a letter dated September 21 to the Talathi, Kharsundi, Khalapur, asserting that the registration of this sale deal is in contempt of court and should be canceled.
They further demanded that the proceeds from unauthorized gravel extraction be deposited with the Lodha Committee. Notably, singer Sonu Nigam’s 2018 purchase of 54 acres of land in Pimplas Village, Raigad district, was later canceled.
Clandestine sales elsewhere
Recent clandestine sales of PACL plots include locations in Juhu (North West Mumbai), Pune (Maharashtra), and Anekal taluka, Bengaluru (Karnataka). Authorities have initiated legal actions to reclaim these sold properties.
Additionally, 237 out of 8,198 attached plots were reportedly sold in Tamil Nadu, and 31 plots were sold in Punjab. PACL and its affiliate companies collectively own over 3 lakh acres of land across the country.
Committee’s progress
The Lodha Committee has made substantial progress in recovering funds, amounting to Rs 878.20 crore, by disposing of PACL’s immovable assets out of 29,088 attached properties nationwide. This includes Rs. 86.20 crore from the sale of 113 properties, Rs. 308.04 crore from frozen bank accounts, Rs. 98.45 crore from fixed deposits of PACL, and Rs. 3.69 crore from selling PACL’s assets in Australia.
Additionally, the CBI has provided the Committee with 40,000 property documents, facilitating its efforts. The Committee has successfully refunded Rs. 919.91 crore to over 1.96 lakh investors.
Applications for refund
The Committee is now inviting refund applications from eligible investors who invested between Rs 16,000 to Rs 19,000 with PACL. These applications should be submitted by the end of this month to the Committee’s office at BKC, Mumbai.
Background
PACL, incorporated on February 13, 1996, in Jaipur (Rajasthan), offered land at affordable rates to investors, despite not owning any land. The Securities and Exchange Board of India (SEBI) wound up the scheme on August 22, 2014, and attached its assets in December 2015.
Action by other agencies
CBI filed a charge sheet against 11 accused in February 2014 and arrested PACL CMD Nirmal Singh Bhangoo and others on December 11, 2016. The accused include Nirmal Singh Bhangoo, his wife Prem Kaur, daughters Sukhwinder Kaur and Barinder Kaur, and their husbands, among others.
One of the accused, Kanwaljit Toor, passed away in custody last year. The Special CBI court in New Delhi granted interim bail to Bhangoo, Mohanlal Sehjipal, Sarvesh Kumar, and Gurmit Singh last month.
Also Read: Despite SEBI Restrictions, One More PACL’s Plot of Land Sold Out in Pune
