THOOTHUKUDI
The PACL PGF Investors’ Welfare Association has appealed to Collector K. Senthil Raj to stop the registration of lands with fake documents as these lands had been marked by a Supreme Court-appointed Committee for selling it to repay the investments to the rightful investors.
Utilizing a portion of the total investments to the tune of ₹ 49,100 crore made in PACL by 5.75 crore investors, the promoters had purchased 20,000 acres in Thoothukudi district. After the Security Exchange Board of India had banned the operations of PACL as its investment norms were against the regulations of SEBI, the Supreme Court of India appointed Justice Lodha Committee to inquire the operations of PACL.
As the Committee recommended that the lands purchased by the PACL across the country should be sold to pay back the investments to the rightful investors, the Supreme Court directed the Chief Secretaries of 23 States and the Collectors of the districts where the PACL had purchased vast tracts of lands to restrain the company from selling the lands
However, the lands of PACL in Therkku Kaaraseri, Savarimangalam and Kurippankulam, all in Thoothukudi district, were being sold to various private firms using fake documents and the minerals in these lands were being quarried illegally.
Hence, the Collector should take appropriate action against the officials who were registering these lands with fake documents, J. Kumaran, secretary of PACL PGF Investors’ Welfare Association, said.
