Markets regulator SEBI has prohibited singer Sonu Nigam from selling or transferring his agricultural land at Karjat in Maharashtra, which he had purchased from a company of the PACL group. The land admeasures 53 acres.
SEBI has put several restrictions on the crisis-ridden PACL, which collected over Rs. 60,000 crore from investors through illegal collective investment schemes over a period of 18 years. The group is not allowed to sell or transfer any of its assets.