SEBI appellate authority dismisses RTI appeal linked to PACL refund

What the case is about

An RTI appeal by Furkan Salmani came before SEBI’s appellate authority. According to the order, the appellant filed an RTI application on 18 August 2026 and SEBI replied on 7 September 2026. The appeal was then filed on 1 October 2026.

In the application, the appellant described himself as an investor in PACL Limited and said he had invested in two FD certificates. He said that on SEBI’s refund portal, the status for one certificate showed that the claim could not be processed further because land had been allotted against that certificate as per data provided by PACL Ltd. The appellant said he never received any land, allotment letter, possession letter or location details.

What information was sought

The order records that the appellant asked for the Khasra number, survey number, village, tehsil, district and state of the land said to be allotted, along with its full address and location map. He also asked for the area of the land, the date of allotment, the authority that ordered it, and certified copies of the allotment order.

He further asked whether any patta, sale deed, registry deed or mutation had been issued or registered in his name, and whether PACL or SEBI held the original ownership documents for the land. He also asked what legal procedure and authority could correct the “Land Allotted” status if it had appeared due to a technical or data entry error.

How SEBI replied

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

The appellate authority’s decision

The appellate authority, Ruchi Chojer, noted in the order that SEBI had clearly stated the requested information is not in its possession. The order cites a Central Information Commission decision of 8 July 2013, which held that a CPIO cannot invent information it does not have. On that basis, the authority found no deficiency in SEBI’s response.

The order also records that the responsibility for disposing of PACL’s properties and repaying investors rests with the Lodha Committee, which was constituted under the Supreme Court’s order of 2 February 2016. The appeal was accordingly dismissed.

What this means for ordinary investors

This order settles one appeal, so it does not directly change anything for the public or for all PACL investors. An investor whose refund is stuck can, as the order says, approach the Lodha Committee and check the PACL-related documents available on SEBI’s website.