SEBI RTI Appeal on Pending Refunds to PACL Ltd. Investors

Last updated: 26 August 2026

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An RTI appeal was filed with SEBI seeking details on PACL Ltd. investors who haven't received refunds, the total pending amount, and the action plan for disbursal. SEBI stated that this information is not available with them and directed the appellant to approach the Justice R.M. Lodha Committee, which handles refund matters. The Appellate Authority upheld SEBI's decision, noting that the Lodha Committee is not considered a public authority under the RTI Act, and therefore, no further intervention was warranted. The appeal was dismissed.

BEFORE THE APPELLATE AUTHORITY(Under the Right to Information Act, 2005)SECURITIES AND EXCHANGE BOARD OF INDIA Appeal No.7015of 2026 Adv Abhishek Mathur:AppellantVsCPIO, SEBI, Mumbai:Respondent ORDER 1.The appellant had filed an application dated July 29, 2026 received by SEBI through RTI MIS portal) under the Right to Information Act, 2005 (RTI Act). The respondent, by a letter dated August 03, 2026 responded to the application filed by the appellant. The appellant filed an appeal dated Aug

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FAQ :

The RTI application sought the total number of PACL Ltd. investors who had not received their refunds, the total pending claim amount, reasons for the delay, the current action plan for disbursal, and details of any proposed next phases for refunds.

SEBI responded that the requested information was not available with them and advised the appellant to contact the Justice (Retd.) R.M. Lodha Committee, which handles all communication regarding refund status.

The appeal was dismissed because SEBI did not possess the requested information. The Appellate Authority also noted that the Justice R.M. Lodha Committee, responsible for refunds, is not considered a public authority under the RTI Act, meaning SEBI could not be compelled to provide information held by the committee.

The Justice (Retd.) R.M. Lodha Committee, constituted by the Supreme Court of India, is responsible for the disposal of properties and repayment to PACL Ltd. investors.

Based on a previous decision by the Central Information Commission (CIC), the Justice R.M. Lodha Committee is not considered a public authority under section 2(h) of the RTI Act.