THOOTHUKUDI: Field associates of the Pearls Agrotech Corporation Limited (PACL) urged the Chief Justice of India DY Chandrachud to provide a legal advisor to help them stay abreast of the developments in the case, the steps taken by the Lodha Committee to refund their deposits and to take their concerns to the Supreme Court’s notice.
The field associates submitted a petition to the district collector during a grievance redressal meeting on Monday and also made their appeal to the Chief Justice of India via media persons. The Supreme Court banned the PACL from procuring funds on August 22, 2014, after a case was filed against the pan-India real estate firm by the Securities and Exchange Board of India (SEBI).
In February 2016, the top court formed a committee, headed by retired judge Justice RM Lodha, to refund deposits to investors and field associates within six months. The field associates said that the PACL had not refunded their deposits even seven years after the SC order. They also accused the Lodha Committee of being equally responsible for the delay.
“The depositors were poor farmers and daily wage workers, while we worked for the firm to attract more investments. We have deposited our money as well,” the field associates stated. “Many depositors have died, while some are very old and are awaiting a refund to take care of their medical expenses. The refunds would greatly help them tide over their difficulties,” said a former executive manager of PACL, who was also a part of the agitation.