The Telegraph
Wednesday , September 3 , 2014
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Mob attacks PACL office
- Closure of financial institution angers depositors; Akhil targets Assam chief minister

Furniture and computer peripherals in disarray at the PACL office in Dhubri. Telegraph picture

Dhubri, Sept. 2: Scores of depositors today stormed the office of PACL Ltd, a private deposit-collecting company, located on the third floor of Hotel Samrat on Guru Teg Bahadur Road here, angered by sudden closure of the office last week.

A section of depositors reportedly unlocked the office door, tried to take away computers and electrical goods, but police rushed to the spot and dispersed them.

Ganesh Shah, a depositor of PACL Ltd of Dhubri town, said his deposit would mature next month, but there was no official to pay him the maturity amount.

“My five-year recurring deposit at the rate of Rs 330 a month will mature next month and as assured by the company, I would have received Rs 36,000 in October this year. But there is no hope to get the money back as the manager and staff deserted the office last week,” Shah said outside the PACL office building today.

Amrit Project, a private money-marketing agency operating from a building on HN Road of Dhubri town, was locked and sealed by Dhubri additional deputy commissioner, Bhogeswar Shyam, yesterday as the agency could not produce necessary documents required to run a money networking business.

The Dhubri district administration is also preparing to take action against two more private money-marketing companies — Rose Valley Ltd and Green Touch Ltd in Dhubri town.

The Rose Valley office in the town has remained closed since last week while officials of Green Touch Ltd were summoned by Shyam to his office today. “I have called up the officials of Green Touch Ltd to come with their documents to my chamber and it will be examined whether the company has procured necessary documents to run this business,” Shyam said.

An official source said a private company is required to obtain permission from Reserve Bank of India and the Securities and Exchange Board of India (Sebi) to run a financial institution, but without obtaining these two most important permissions, many companies are engaged in money-marketing business.

“Amrit Project Ltd did not have permission from these two most important financial institutions of India and this was why it was locked and sealed,” the official said.

The officer-in-charge of Dhubri police station (Sadar), Manik Kalita, said the drive against private financial companies would continue.