Introduction
Pclcirp dcirrus .co is a famous keyword for the Pan Card Club Limited, a scam company from Mumbai, India, which has roots in the 1990s. Ever since it was launched in the market, they have set a brand image as a giant hotel chain that regulates premium clubs, hotels, and resorts. It has been running smoothly and with respect for years, until the actuality of them soliciting money was revealed and this has to be one of the biggest scandals of all time. In an investigation, it was revealed how the company received funds from people via multiple of its holiday schemes and programs. From 2002 to 2014, it duped investors in millions through the collective investment schemes (CIS).
Overview of Pclcirp dcirrus .co — Company details
The company is officially registered by the name Pancard Clubs Limited and is known nationwide for managing a chain of hotels and Bars among other similar businesses. It was founded in 1992 and went on to develop Recreation Clubs, Resorts, and Hotels and managed the same. There are around 30 hotels they own, some of which are reputed 5-star hotels in the country. Plus, its official website is www.cirppancardclubs.com and the address of the registered office is ‘111-113 Kalyandas Udyogbhavan, Mumbai 400025, India’.
Who started the company of Pclcirp dcirrus .co Pancard Clubs Limited?
Pancard Club Ltd was founded by Sudhir Shankar Morvekar, whose news of passing away encircled the Indian media in 2017. Other than him, the company has other important directors, identified as Shobha Ratnakar Barde, Manish Kalidas Gandhi, Usha Arun Tari, Chandrasen Ganpatrao Bhise, and Ramachandran Ramakrishnan. Do note that Shobha Ratnakar Barde and Chandrasen Ganpatrao Bhise, the two individuals who are often linked with the company, are only non-executive independent directors. Both have no significant role and barely have anything to do with the management of the company.
Important events of Pancard Clubs Limited
- 2010: This year saw an overturning moment for pclcirp dcirrus .co Pancard Clubs Limited, as SEBI exposed it to have an asset of over Rs. 7000 crores under its holiday scheme while the company’s share capital was marked at Rs 5 lakh.
- July 31, 2014: The capital market regulator ordered the company to seize collecting funds. They were additionally asked to stop launching new schemes.
- November 2015: With things proceeding further, the Securities Appellate Tribunal (SAT) concluded that PCL must return investors’ money.
- 29th Feb 2016: PCL was made to enlist a full inventory list of all the company’s assets by SEBI. This list also included properties held by important company directors. In addition, SEBI ordered PCL to return investors’ money in the next 3 months, but they failed terribly at it.
- May 2017: PCL’s office in Prabhadevi, Central Mumbai was closed down by SEBI.
- June 2018: SEBI auctioned two properties belonging to the company along with two cars. From the same, they managed to retrieve Rs 68.09 lakh from the Panvel property and Rs 1.34 crore from the second property in Mumbai.
- January 10, 2019: A writ petition was filed in the Bombay High Court by multiple investors, where concerns for the unvalued PCL’s assets were raised. As a result, SEBI received a restraining order for auctioning PCL properties.
- March 26, 2021: PCL and its independent and non-executive directors received a hefty fine worth Rs 20 crore by SEBI.
- August 2021: Shobha Barde and Chandrasen Bhise, both directors of the company, were granted anticipatory bail from the Bombay High Court.
Obtaining the refund on pclcirp dcirrus .co
Investors who are victims of this scam will each get their refunds, as directed by the National Company of Law Tribunal court. In case you are an investor yourself, time is ticking and the official last date to submit claims with proof is 10th December 2022. You can easily make the claim online, whose details are made available on the official website. You can otherwise choose to present your claims either in person or by electronic media. Documents required to proceed, include a copy of the canceled check or the first page of the bank passbook, member certificates, Aadhar card, PAN Card, and 6 months’ bank statements. You can then expect the refund to be successfully processed after verification.
How to request for a refund?
- First, open your browser and immediately enter the pclcirp dcirrus .co Pancard Club website and find the Resolute Login forum.
- Submit your email ID along with a mobile number and verify through Captcha.
- Upon tapping on next, you’ll find the space for OTP, which must have been sent on the entered phone.
- Provide the necessary set of numbers and a new page, having the Claim Form should appear.
- Select one ID proof from options like PAN, Aadhaar, Passport, and Voter ID.
- Then, enter the ID number and upload a picture of it.
- Enter the Folio number, followed by details like principal amount, total claim amount, expiry of membership, surrender value, and membership number.
- In all steps further, you’ll be asked for more details and will be asked to upload a few necessary documents at the end.
- Follow up with all of it to successfully receive your refund from PCL.
Conclusion
A sign of relief embarked when investors were promised a refund, and individuals who had invested previously could now seek their money back. This pclcirp dcirrus .co process of money refund is being looked after by the National Company of Law Tribunal court. Besides, NCLT, short for National Company of Law Tribunal, initiated corporate insolvency proceedings for PCL on 9th September 2022. Shortly after, Mr. Rajesh Sureshchandra Sheth was appointed to lead the investigation as the Interim Resolution Professional.
Faqs About Pclcirp Dcirrus .co
Ans. PCL rolled out some of the best deals for its investors, for example, the holiday timeshare program, which could book them a room in any company-owned tourist property. This membership scheme, along with other holiday packages, and insurance benefits from the company was a sugarcoat for collective investment schemes.
Ans. PCL managed to steal nearly Rs 7,035 crore, from its 51,55,516 investors. Using the same funds, they had bought somewhere around 91 properties and 334 bank accounts have been frozen.
Ans. Pancard Club bought countless properties and valuable assets in Indian states like Kerala, Karnataka, Tamil Nadu, Uttarakhand, Madhya Pradesh, Rajasthan, Maharashtra, Goa, Gujarat, Haryana, and West Bengal.
Ans. During the 2010 crackdown on Pancard Clubs, it was disclosed how they had accumulated five million investors from the holiday scheme and garnered over Rs. 7000 crores through it. SEBI did an investigation whose findings showed that the collective investment scheme (CIS) wasn’t regulated or licensed. Instead, the company kept on operating it through the loophole, giving it a disguise of holiday packages.
Ans. PCL was ordered by SEBI on 29th Feb 2016, to somehow refund the money by the next three months. However, PCL failed to meet the orders, and further on, the Serious Fraud Investigation Office (SFIO) urged NCLT to freeze all the company assets and banks.
