SAT upholds SEBI’s order on PACL directors

New Delhi, January 14

The Securities Appellate Tribunal (SAT) on Tuesday upheld the fine of over Rs 2,423 crore levied by SEBI on four directors of PACL for illegal fund mobilisation from public.

The order comes following appeals filed by the company and its directors against an order passed by SEBI in September 2017, which imposed a penalty of Rs 2,423.16 crore on them.

The company and its directors had mobilised over Rs 2,686 crore by running unregistered collective investment schemes. — PTI