63 Tamil Nadu officers indulge in illegal registration of 6,892 acres of land, nine suspended

The Tamil Nadu government on Tuesday indicated that 63 officers attached to the Registry Department had indulged in the registration of 714 documents related to the sale of 6,892 acres of land in contravention of the order of the High Court.

According to the statement issued by the Department of Commercial Taxation and Registration, registration has taken place in 38 sub-registered offices in 11 districts of Tamil Nadu.

“A total of 63 officers were found to be at fault and nine were suspended due to the incident. The statement indicated that steps are being taken to initiate action against the remaining 54 officers under Section 17-B.”

The assets were attached to Pearls Agrotech Corporation Ltd (PACL), a company that had raised funds from the public in the name of agriculture and real estate. According to the Tamil Nadu government, several public interest lawsuits (PIL) have been brought against the company for not returning funds to investors.

The Supreme Court has directed the Securities and Exchange Board of India (SEBI) to form a panel headed by Retired Judge RM Lodha to investigate the case. SEBI discovered that PACL raised more than Rs 45,000 crore through illegal collective investment schemes for approximately Rs 5.46 crore investors.

In 2016, the commission ordered that the assets be auctioned and the investment acquired through it should be divided among the affected investors

In the statement released by the state government on Tuesday, it was noted that PACL has approximately 50,000 acres of land in its name and associated businesses in the state.

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