Appeal No. 3911 of 2020 filed by Ramesh Sivasamy

This RTI appeal, filed by Ramesh Sivasamy, concerned information about the sale status, pricing, and bidding procedures for PACL properties. The Appellate Authority found that SEBI does not hold this specific information. Instead, the disposal of PACL properties and investor repayment is managed by a committee chaired by Mr. Justice R.M. Lodha. The authority noted that SEBI adequately guided the appellant to public resources containing relevant details, including the SEBI website and specific PACL auction portals, leading to the dismissal of the appeal.

Appeal No. 3911 of 2020
BEFORE THE APPELLATE AUTHORITY
(Under the Right to Information Act, 2005)
SECURITIES AND EXCHANGE BOARD OF INDIA

Appeal No. 3911 of 2020
Ramesh Sivasamy : Appellant

Vs.

CPIO, SEBI, Mumbai : Respondent

ORDER

1. The appellant had filed an application dated July 22, 2020 (received by the respondent on July 28, 2020), under the Right to Information Act, 2005 (“RTI Act”). The respondent, by a letter dated August 06, 2020, responded to the application filed by the appellant. The appellant filed an appeal dated September 08, 2020, against the said response dated August 06, 2020. I have carefully considered the application, the response and the appeal and find that the matter can be decided based on the material available on record.

2. Queries in the application –The appellant, in his application dated July 22, 2020, inter alia sought the following information-
1. The properties mentioned in the application are sold or still available for the purchase by the interested party.
2. If sold what is the price sold and the name and contact details of purchaser.
3. If available for sale what is the procedure for the submission of EOI and the Bid of price.
4. The EOI and bid can be submitted on online or offline.
5. The EOI and the Bid submission tentative date of announcement for online and offline.
6. Individual and the group of individual can submit EOI and Bid or company?
7. In the PACL auction portal sometimes the said listed properties are showed for view and sometimes not displayed. What is the reason? Please correct the same.

3. The respondent, in response to the queries, observed that the information sought by the appellant, is not available with SEBI. It was however, informed that a committee, under the Chairmanship of Hon’ble Mr.Justice R.M. Lodha, former Chief Justice of India, has been constituted, pursuant to the order dated February 2, 2016 of the Hon’ble Supreme Court, to dispose of the properties of PACL Ltd. and to use the same to pay the investors. It was also informed that The Hon’ble Supreme Court, vide order dated November 15, 2017, had appointed Shri R. S. Virk, District Judge (Retd.) to hear the grievances of the applicants. The appellant was further guided to access the details of PACL- status reports, FAQs, Press Releases and Public Notices, available on SEBI Website. The respondent also provided the links for accessing the details of properties of PACL.

4. Grounds of Appeal – The appellant, in his appeal, has requested to provide the information sought in his application regarding purchase of PACL Properties thorough EOI and auction mode.

5. I have perused the query and I find no reason to disbelieve the said observation of the respondent that the information sought is not available with SEBI. It is understood that the responsibility of disposal of the properties and repayment to investors, is entrusted with the PACL Committee (under the Chairmanship of Hon’ble Mr. Justice R.M. Lodha, former Chief Justice of India), which has been constituted, pursuant to the order dated February 2, 2016 of the Hon’ble Supreme Court of India. Further, I find that the respondent has adequately guided the appellant for accessing the requisite disclosures made by the PACL Committee, which is available in public domain. Upon a consideration of the aforesaid, I find no deficiency in the respondent’s response to the appellant’s application.

6. It is reiterated that the details of PACL – Status Report, FAQs, Press Releases and Public Notices etc. are available on SEBI website (www.sebi.gov.in) at : https://www.sebi.gov.in/PACL.html and details of property of PACL Ltd. is available at https://www.auctionpacl.com and www.sebipaclproperties.com. I also find that the respondent has adequately guided the appellant to access the contact details of the Committee. In addition to the same, the email address of the Committee is mentioned below- E-mail address: nodalofficerpacl@sebi.gov.in

7. In view of the above observations, I find that there is no need to interfere with the decision of the respondent. The appeal is accordingly dismissed.

Place: Mumbai
Date: October 06, 2020

AMARJEET SINGH
APPELLATE AUTHORITY UNDER THE RTI ACT
SECURITIES AND EXCHANGE BOARD OF INDIA