Tiffany Haney
Pan Card Club Ltd is a Mumbai-based company that owns and operates hotels, clubs, and resorts across India. The company allegedly duped millions of investors between 2002 and 2014 through various holiday packages and collective investment schemes (CIS). In 2016, the Securities and Exchange Board of India (SEBI) ordered PCL to return investors' money within three months, which the company failed to do. SEBI has since been auctioning off PCL's properties to recover investors' money. Individuals who have invested in PCL can initiate the refund process by submitting claims with proofs of investment online or in person.
| Characteristics | Values |
|---|---|
| Company Business | Owning, developing and operating hotels, clubs and resorts |
| Registered Office Address | 111-113 Kalyandas Udyog Bhavan near Century Bhavan, Prabhadevi, Mumbai, Maharashtra, India - 400 025 |
| CIN | U91900MH1997PLC105363 |
| Founder | Sudhir Shankar Morvekar |
| Allegations | Soliciting money from the general public through holiday timeshare programs and membership packages |
| Number of Investors | 51,55,516 |
| Amount Raised from Investors | Rs 7,035 crore |
| Regulatory Action | SEBI ordered PCL to return investors' money within three months in 2016; SFIO requested NCLT to freeze company assets and bank accounts of directors |
| Regulatory Action Date | 29th February 2016 |
| Regulatory Action, 2014 | Securities and Exchange Board of India ordered Pancard Clubs to wind up existing schemes and not collect any new funds or launch new schemes |
| Regulatory Action, 2018 | Securities markets regulator issued a notice for the sale of PCL's immovable properties |
| Regulatory Action, 2022 | NCLT approved the Resolution Plan submitted by Chemhub Tradelink Private Limited |
| Investor Action | Investors/depositors requested to submit claims with proofs online by 10th December 2022; creditors may also present claims in person, by electronic media, or by post |
| Required Documents for Investors | Aadhar card, PAN Card, canceled check/first page of the bank passbook, member certificates, and 6 months’ bank statements from the maturity date |
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What You'll Learn
- Investors can submit claims online, in person, by post, or via electronic media
- The company allegedly duped millions of investors through holiday packages and collective investment schemes
- Pancard Clubs raised 7,035 crore from 51,55,516 investors
- The Securities and Exchange Board of India ordered Pancard Clubs to stop collecting fresh funds or launching new schemes
- Pancard Clubs' investors can submit proof of claims, including receipts, documents, and KYC certificates
Investors can submit claims online, in person, by post, or via electronic media
Investors who have lost money due to the alleged fraud committed by PanCard Club Ltd (PCL) can submit claims online, in person, by post, or via electronic media.
PanCard Club Ltd is a Mumbai-based company that owns and operates hotels, clubs, and resorts across India. The company allegedly duped millions of investors between 2002 and 2014 through various holiday packages and collective investment schemes (CIS). The Securities and Exchange Board of India (SEBI) ordered PCL to return investors' money within three months in February 2016, but the company failed to comply.
Online Submission:
Investors can submit their claims online by visiting the company's official website and filling out the claim form. The deadline for online submissions was 10th December 2022. The form requires investors to provide identification proof, such as a Pan Card, Aadhaar Card, Passport, or Voter ID. Additionally, investors need to upload scanned copies of relevant documents, including Aadhar cards, PAN cards, bank statements, and member certificates.
In-Person Submission:
Investors also have the option to submit their claims in person. They can visit the registered office of PCL at 111-113 Kalyandas Udyog Bhavan, near Century Bhavan, Prabhadevi, Mumbai, Maharashtra, India - 400 025, to submit their claims and supporting documents.
Submission by Post:
Investors can choose to send their claims and supporting documents via post to the company's registered office address.
Submission via Electronic Media:
Creditors may also present their claims via electronic media, although the specific details of this submission method are not mentioned. It is advisable to refer to the official PCL website or seek clarification from the relevant authorities for more information on submitting claims through electronic media.
It is important to note that investors must provide proof of their investment and any relevant documentation to support their claims. The National Company Law Tribunal court has initiated the Insolvency Resolution Process (IRP) to facilitate the refund process for PCL investors.
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The company allegedly duped millions of investors through holiday packages and collective investment schemes
PanCard Club Limited (PCL) is a Mumbai-based company that owns and operates a large hotel chain and engages in the development and maintenance of clubs, hotels, and resorts. The company also owned 30 hotels, including many 5-star hotels across the country and abroad. Despite delivering on its promises for more than a decade, Pancard Club was investigated for soliciting money from the general public.
It was found that the company mobilized money under various holiday schemes and programs. The company allegedly duped millions of investors between 2002 and 2014 through holiday packages and collective investment schemes (CIS). The membership, holiday packages, and insurance benefits were actually a disguise for a collective investment scheme that offered members a guaranteed return. The Securities and Exchange Board of India (SEBI) is investigating Pancard Clubs for allegedly running an unregistered collective investment scheme (CIS) that was disguised as a club membership program.
In 2014, SEBI asked the company and its directors to wind up their existing schemes and not collect any new funds or launch any new schemes or companies. In 2016, SEBI ordered PCL to return investors' money within three months, which the company failed to do. The company has been in deep financial trouble for the past decade but owns properties and assets across India purchased with the funds raised from investors.
The National Company Law Tribunal court has set the Insolvency Resolution Process (IRP) in motion, and investors/depositors of PCL are requested to submit their claims with proofs online. Investors can furnish the receipt of documents and KYC certificates, and a scanned copy of relevant documents must be uploaded on the claim form.
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Pancard Clubs raised 7,035 crore from 51,55,516 investors
Pancard Clubs Limited, a Mumbai-based company that owns and operates hotels, clubs, and resorts, has come under scrutiny for its fundraising practices. The Securities and Exchange Board of India (SEBI) discovered that Pancard Clubs raised Rs 7,035 crore from 51,55,516 investors through its holiday schemes and programs between 2002 and 2014. This amount far exceeded the limit of Rs 100 crore set under the SEBI Act for collective investment schemes (CIS).
The company allegedly duped millions of investors by offering membership and holiday packages that disguised a CIS, guaranteeing returns. As a result, SEBI ordered Pancard Clubs to refund investors' money and froze the company's assets and its directors' bank accounts. Additionally, SEBI has been auctioning off the company's properties to recover the funds owed to investors.
In 2014, SEBI instructed Pancard Clubs to stop collecting new funds, launching new schemes, or creating new companies. The Securities Appellate Tribunal (SAT) also ordered PCL to repay investors within three months. However, PCL failed to comply with these directives.
As of 2025, the National Company Law Tribunal court has initiated the refund process for investors/depositors of PCL. Investors are requested to submit their claims with proof by the specified deadline and can provide various documents, including Aadhar cards, PAN cards, bank statements, and member certificates.
The investigation and subsequent actions by SEBI and the National Company Law Tribunal court aim to hold Pancard Clubs accountable and ensure that investors receive their money back.
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The Securities and Exchange Board of India ordered Pancard Clubs to stop collecting fresh funds or launching new schemes
Pancard Club Limited (PCL) is a Mumbai-based company that began operations in 1990. It owns and runs a large hotel chain and engages in the development and maintenance of clubs, hotels, and resorts. PCL enticed members of the public to invest in a holiday timeshare program that gave them a share of vacation time at company-owned tourist properties. However, this membership was actually a disguise for a collective investment scheme that offered members a guaranteed return.
Between 2002 and 2014, Pancard Clubs raised Rs 7,035 crore from over 51,55,516 investors. The Securities and Exchange Board of India (SEBI) found that PCL was mobilising funds from the public under its holiday plans, which fell within the ambit of a 'collective investment scheme' as defined by the SEBI Act. As a result, on July 31, 2014, SEBI ordered PCL and its directors to:
- Stop collecting any fresh funds from investors under its existing schemes.
- Refrain from launching any new schemes or plans or floating any new companies to raise fresh money.
- Submit a full inventory of assets obtained through the money raised by PCL.
- Not dispose of any properties or assets obtained through investor funds.
- Not divert any funds from PCL.
- Furnish details sought by SEBI.
Despite SEBI's orders, PCL failed to comply and refund investors' money. As of May 2025, the refund process for PCL investors has not been completed, and the company was admitted to insolvency proceedings in September 2022. SEBI has initiated recovery action and has auctioned off PCL's properties and assets across India. However, the sum total recovered by SEBI is just Rs 114 crore out of the Rs 7,035 crore owed to investors.
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Pancard Clubs' investors can submit proof of claims, including receipts, documents, and KYC certificates
Pancard Club Limited (PCL) is a Mumbai-based company that owns and operates a large hotel chain, clubs, and resorts. The company was engaged in soliciting money from investors through various holiday schemes and packages. These included membership in a holiday timeshare program that offered a share of vacation time at company-owned properties.
Following an investigation, it was discovered that Pancard Clubs had allegedly duped millions of investors between 2002 and 2014 through these schemes. As a result, the Securities and Exchange Board of India (SEBI) ordered PCL to return the investors' money and freeze their assets and bank accounts.
The National Company Law Tribunal (NCLT) has set the Insolvency Resolution Process (IRP) in motion, and investors/depositors of PCL are requested to submit their claims with proofs by the deadline. Investors can submit their claims and supporting documents online, in person, by electronic media, or by post.
Pancard Clubs investors can submit proof of claims, including receipts, documents, and Know Your Customer (KYC) certificates. The following is a list of documents that investors of PCL need to provide:
- Scanned copy of the Aadhar card
- PAN Card
- Canceled check or the first page of the bank passbook
- Member certificates
- Six months of bank statements from the maturity date
It is important to note that the deadline for submitting these documents was December 10, 2022, as mentioned in the official notice. Investors should refer to the company's official website and notices for further updates and information regarding the refund process.
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Frequently asked questions
The Securities and Exchange Board of India (SEBI) has been auctioning off the company's properties and assets to recover investors' money. You can submit a claim for a refund by providing proof of investment and identity verification.
The deadline for investors/depositors of PCL to submit their claims with proofs was the 10th of December 2022.
You will need to provide any relevant documents, such as membership certificates, Pan Club ID, and bank statements.
You will need to provide one of the following as identification proof: Pan Card, Aadhaar Card, Passport, or Voter ID.
You can submit your claim online on the company's official website or in person, by electronic media, or by post.
