The recovery Officers have initiated the proceeding against (1) M/s PACL Ltd. (PAN: AAACP4032A) and its promoters & directors. The charges have been initiated as the company was not able to pay the dues of the investors which amount to the sum of Rs 49, 100 crores which include all the money invested by the people in PACL which also includes the interest, expense, and litigation charges which occurred while claiming the recovery amount.
The charges have been initiated against Mr. Tarlochan Singh (PAN: AIEPS9480Q), Mr. Sukhdev Singh (PAN: AUGPS0130B), Mr. Gurmeet Singh (PAN: AAMPS1400Q), Mr. Subrata Bhattacharya (PAN: AAIPB6480H), Mr. Nirmal Singh Bhangoo (PAN: ACTPB6698L), Mr. Tyger Joginder (PAN: ABVPT0602M), Mr. Gurnam Singh (PAN: AOYPS3203H), Mr. Anand Gurwant Singh (PAN: Not Available) and Mr. Uppal Devinder Kumar.
The various bank account, mutual funds portfolio, and Demat Accounts have been shared by the Recovery officer for the execution of the notice but still, the defaulters failed to pay the dues to investors. The defaulters will not dispose of or discharge any property mentioned in the notice. Any person should not benefit from the properties mentioned in the Recovery Certificate. The defaulters are also entitled to list all the properties whether movable or immovable under them and also any charges they carry on them which should be duly certified by the board of directors related to the mention properties in the recovery notice.
These orders will be served on the defaulter. The officers cannot act upon the documents dealing with mortgage, charge, lease, or rent of the properties held by defaulters if they are presented before them for the registration. The Officers Include:
- The Inspector-General of Registration of all states and Union Territories
- The Tehsildars, District Registrars, Sub-Registrars of the areas where the properties mentioned in the notice are located.