# PACL refund: SEBI appellate authority dismisses RTI appeal, directs investor to Lodha Committee

URL: https://kasba.co.in/en/story/pacl-refund-sebi-appellate-authority-dismisses-rti-appeal-di
Language: en · Section: Money · Published: 2026-11-03
Source: SEBI, "Appeal No. 7130 of 2026 filed by Mohammad Akbar", 2026-11-02, https://www.sebi.gov.in/enforcement/orders/nov-2026/appeal-no-7130-of-2026-filed-by-mohammad-akbar_105554.html

SEBI's appellate authority Ruchi Chojer dismissed Mohammad Akbar's RTI appeal on 2 November 2026. The appeal concerned whether a PACL investor can correct a mistakenly filled 'Land allotted' field in his claim form.

## What this means for you

This order matters to PACL investors whose claims got stuck because of a mistake in the claim form. It says SEBI does not hold this information and that all refund-related communication is handled by the Justice (Retd.) R.M. Lodha Committee. If your claim is stuck, the order directs you to that Committee. PACL public notices, press releases, status reports and FAQs are available on SEBI's website.

## Key facts

- Appeal No. 7130 of 2026, filed by Mohammad Akbar.
- The RTI application was dated 2 September 2026.
- SEBI replied on 22 September 2026; the appeal was filed on 8 October 2026.
- The order is dated 2 November 2026 and the appeal was dismissed.
- Disposal of PACL properties and repayment to investors is with the Justice (Retd.) R.M. Lodha Committee.

## What happened

SEBI's appellate authority under the RTI Act, Ruchi Chojer, dismissed an appeal filed by Mohammad Akbar on 2 November 2026. The appeal was filed by an investor in PACL Limited. According to the order, the RTI application was dated 2 September 2026 and SEBI replied on 22 September 2026. The appeal was then filed on 8 October 2026.

## What the investor asked

According to the order, the appellant said his PACL claim could not be processed because the 'Land allotted' field in his claim form was filled as Yes by mistake. He said he had not been allotted any land by PACL. He asked whether this field can be corrected from Yes to No, what the procedure is if correction is allowed, and whether his claim can be reopened or reprocessed after correction. He also asked for the rule, circular, guideline or order under which such correction is permitted or not permitted.

## What SEBI replied

According to the order, SEBI said the information sought is not available with it. SEBI said all communication regarding refund status is handled by the Justice (Retd.) R.M. Lodha Committee and advised the appellant to approach that Committee. SEBI also said that PACL public notices, press releases, status reports and FAQs are available on its website.

## What the appellate authority said

The appellate authority noted that SEBI had clearly stated the information is not available with it. She referred to a Central Information Commission decision of 8 July 2013, which held that if an authority does not have the information, it cannot invent it. On this basis, she found no deficiency in SEBI's response.

## What the Lodha Committee is

According to the order, the Committee was constituted pursuant to a Supreme Court order dated 2 February 2016. It is chaired by Justice R.M. Lodha, former Chief Justice of India. The Committee is entrusted with the disposal of PACL's properties and repayment to investors.

## What investors can do

If your PACL claim is stuck because of a mistake in the form, the order directs you to the Lodha Committee. For updates, you can check PACL public notices, press releases, status reports and FAQs on SEBI's website.

## Questions and answers

**Who handles PACL refunds?**
The Justice (Retd.) R.M. Lodha Committee. According to the order, this Committee is responsible for disposing of PACL's properties and repaying investors.

**Can SEBI correct the 'Land allotted' mistake in my PACL claim form?**
According to the order, SEBI does not have this information. SEBI said all refund-related communication is handled by the Lodha Committee, so investors should approach it.

**Where can I find information about the PACL matter?**
On SEBI's website. The order notes that PACL public notices, press releases, status reports and FAQs are available there.

**Will this appeal restart Mohammad Akbar's claim?**
The order does not say so. The appellate authority found no deficiency in SEBI's reply and dismissed the appeal.

Kasba Desk, Kasba. This story was drafted with AI from an official notice and checked by an editor before publishing.