Lok Sabha polls | Cheated investors of Pearls Agrotech in Erode threaten to boycott election

Investors in Erode threaten election boycott over delayed refunds from Pearls Agrotech, demand political party support for refunds.

Condemning the delay in refunding their deposits made at Pearls Agrotech Corporation Limited (PACL), a number of investors and field associates threatened to boycott the Lok Sabha elections, and arrived at the Erode Collectorate on Monday, April 8, 2024.

The company had received deposits from 5.85 crore investors across the country to the tune of ₹49,100 crore, those who arrived at the Collectorate said. It had then cheated them and had not returned their deposits. The Supreme Court had in 2014, banned the operation of the company, and in 2016, formed a committee headed by retired judge Justice R.M. Lodha to refund the deposits to investors and field associates within six months with interest. However, the Securities and Exchange Board of India (SEBI) and the committee are yet to ensure that the money is returned to the depositors, they claimed.

The protesters said they had conducted a conference in February 2024, in which 50,000 investors took part. “A resolution was passed at the conference that we would only support a political political party that promised to get back our money, failing which we have decided to boycott the election,” they said. Investors said they had sent a copy of the resolution to all the parties, but failed to receive a response from any party. “No party stated in their election manifesto that they would fulfill our demand,” they said and threatened to surrender their electoral photo identity cards.