Refunds to investors in the PACL case have crossed ₹3,720 crore, with the Justice (retd) RM Lodha Committee disbursing money to more than 35.74 lakh eligible applications as the recovery process gathers pace through property auctions.
According to the latest status update, the committee has refunded ₹3,720.67 crore to 35,74,401 eligible applications as on May 5, 2026. Since the previous update placed before the SEBI Board in September 2025, it has disbursed an additional ₹2,557.67 crore to 13,58,269 eligible applicants. The committee said it has refunded to all the eligible investors their eligible claim.
The PACL case dates back to August 2014, when SEBI held that PACL Ltd’s land investment schemes were unregistered Collective Investment Schemes (CIS) under the SEBI Act and directed the company to wind up the schemes and refund investors within three months. The Securities Appellate Tribunal upheld the order in August 2015.
Subsequently, in February 2016, the Supreme Court constituted the Justice (retd) RM Lodha Committee to dispose of PACL’s assets and use the sale proceeds to refund investors. The committee comprises Justice (retd) RM Lodha as Chairman, with SEBI’s Whole-Time Member and Executive Director handling the PACL matter serving as ex-officio members. SEBI’s PACL Cell has been assisting the committee in carrying out the recovery and refund exercise.
The committee has successfully auctioned 904 properties across 31 districts in seven States, with the value of properties sold estimated at around ₹3,894 crore. It currently has around ₹1,200 crore in its designated bank account to fund future refunds.
To facilitate the next phase of payouts, the committee has opened a rectification window from May 7 to August 7, 2026, allowing eligible investors to update their bank account details before refunds are processed.
The committee has also taken possession of around 43,000 property documents belonging to PACL Ltd and its associates across 22 States. It has written to the respective Inspector Generals of Registration to prevent the registration, mutation or sale of properties in which PACL or its group entities have any right or interest while the recovery process is underway.
The latest update, placed before the SEBI board in June, said the committee has held 144 meetings so far and has continued to review refund activity, property auctions and investor grievances, while periodically submitting status reports before the Supreme Court.