SAT upholds SEBI order against PACL Ltd

The  Securities Appellate Tribunal on Wednesday upheld a August 22, 2014, order of the Securities and Exchange Board of India directing PACL Ltd, erstwhile Pearl Agrotech Corporation, and its promoters to refund over Rs 44,376 crore that it collected from 5.85 crore investors through collective investment schemes (CIS).In 1997, the SEBI alleged that the company was running a CIS without...