Investors protest against company for delay in payment
The protest took place at the PACL India Ltd office. The investors in various schemes of the company complained that the cheque issued by them bounced. The company is a real estate investment company. The police explained that the company asks investors to invest in barren land for a specific period of time. The investors are promised either 12.5% interest or the land at the end of maturity period. The Reserve Bank of India directed recently that the company should come under the SEBI Act as the turnover of the company exceeded Rs. 7 crore in a month. The field agents play an important role. The company said that the direction of RBI shall affect the commission to the agents. CBI has started an inquiry to authenticate the credibility of the company. The bank accounts of the company were frozen.
Krishna Jeet, a field officer with the company for the last 33 years, said the company is facing difficulty as the accounts are frozen and customers are demanding money. He is optimistic about the results after the CBI inquiry.
Source: Indian Express
Bangalore, Banks, Barren land, CBI, delay, delay in payment, inquiry, Interest, Investors protest against pacl, PACL India, PACL India Ltd, PACL India Ltd office, Payments, police, protest against PACL India Ltd, real estate investment company, SEBI
