SC restrains PACL from selling assets

New Delhi, July 25 

The Supreme Court today restrained Pearls Agrotech Corporation Ltd (PACL) and its promoters from disposing of its properties both in India and abroad after SEBI alleged that the company has siphoned off $98 million in Australia.

PACL Ltd and its promoters and directors, including Nirmal Singh Bhangoo, have been embroiled in a legal battle for their alleged failure to refund Rs 49,100 crore to investors, an amount collected through chit funds schemes.

A Bench comprising Justices AR Dave and L Nageshwara Rao also issued notice to Centre and sought its response on a plea of investors seeking the court's intervention against alleged siphoning off of funds by the PACL group. PTI