Description

SEBI Appellate Authority dismisses RTI appeals filed by PACL investor seeking land allotment details and refund claim status, affirming that requested information is not available with SEBI.

Summary

The SEBI Appellate Authority dismissed four identical RTI appeals (Appeal Nos. 6693, 6694, 6695 & 6696 of 2026) filed by Premchand Gupta, a PACL Ltd investor, on February 9, 2026. The appellant sought information about land allotment details against his certificate, refund claim status, and related documentation. SEBI’s CPIO responded that the requested information is not available with SEBI. The Appellate Authority upheld this response, noting that the Justice R.M. Lodha Committee (not SEBI) is responsible for disposal of properties and repayment to PACL investors, and that this Committee is not a public authority under the RTI Act.

Key Points

  • Appellant is PACL Ltd investor holding Certificate No. U1714xxxxx
  • Application transferred to SEBI from Registrar of Companies & Official Liquidator, Rajasthan on January 8, 2026
  • SEBI CPIO responded on January 12, 2026 stating requested information not available with SEBI
  • Four identical appeals filed on January 12, 2026 against SEBI’s response
  • Appeals dismissed on February 9, 2026 by Appellate Authority
  • Justice (Retd.) R.M. Lodha Committee (not SEBI) handles PACL property disposal and investor repayment
  • Hon’ble CIC precedent cited: CPIO cannot invent information if not in possession
  • Lodha Committee not considered public authority under Section 2(h) of RTI Act

Regulatory Changes

No regulatory changes introduced. This is an administrative order disposing of RTI appeals.

Compliance Requirements

No compliance requirements. This order clarifies jurisdictional boundaries: SEBI does not possess information about PACL land allotments and refund claims, as these matters fall under the Justice Lodha Committee’s purview established by Supreme Court order dated February 2, 2016.

Important Dates

  • January 8, 2026: RTI application transferred to SEBI CPIO
  • January 12, 2026: SEBI CPIO response provided
  • January 12, 2026: Four identical appeals filed
  • February 9, 2026: Appeals dismissed by Appellate Authority
  • February 2, 2016: Supreme Court order constituting Justice Lodha Committee (referenced)

Impact Assessment

This order has minimal market impact. It is an individual investor grievance matter relating to the ongoing PACL case. The decision reaffirms that SEBI does not hold information about PACL land allotments and investor refunds, as these responsibilities lie with the Supreme Court-appointed Justice Lodha Committee. The order provides clarity on jurisdictional boundaries for RTI applications related to PACL matters but does not affect broader market operations, trading, or regulatory compliance requirements for market participants.

Impact Justification

Administrative RTI appeal dismissal related to PACL investor matter with no market-wide impact or regulatory changes