PACL urges SC keep in abeyance FIRs registered against its promoters

| Updated: Sep 06, 2016 19:36 IST

New Delhi, [India], Sept. 6 (ANI): Pearls Agrotech Corporation Limited (PACL) against which a case is pending in the Australian Federal Court today urged the Supreme Court to keep in abeyance the FIRs registered against its promoters. PACL told the apex court that 75 FIRs has been lodged by investors throughout the country and requested it allow only the CBI to probe the FIRs. Meanwhile, the lawyer appearing for Security and Exchange Board of India (SEBI) submitted his report before the apex court and cited that PACL is not lending cooperation for selling its assets by not identifying high value properties for easy realisation of money. Only 10 properties worth Rs. 500 crore are fit for auction. The matter will be next heard on September 21. The apex court had last month directed the CBI to provide necessary assistance and materials to SEBI to ensure that a case pending in the Australian Federal Court regarding PACL properties was properly conducted. PACL Ltd has been embroiled in a legal battle for their alleged failure to refund Rs 49,100 crore to investors. (ANI)