SAT Upholds SEBI Order: PACL Must Refund Rs. 49,000 Crore from Unauthorized Investment Schemes for Regulatory Violations.

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....SAT upheld SEBI's order directing PACL to refund over Rs. 49,000 crore collected through illegal collective investment schemes. Key legal principles: PACL's activities violated SEBI CIS Regulations as it mobilized huge sums without regulatory approval. PACL failed to prove its business model was legitimate. SAT rejected PACL's arguments and upheld SEBI's directions to wind up schemes and refund investors.....