Quoting a source, the report says, The committee was upset over the officer’s failure to appear earlier and the message was conveyed to him in strong words that the committee is meant for the issues of special public interests and he will have to make himself available whenever summoned in future.
Gaurav Soni, an investor, had petitioned the committee alleging that millions of people had invested in PACL, which was not returning investors’ money. He also alleged high-handedness by SEBI in refunding money to investors of PACL.
As SEBI has detailed information about the company, the committee had summoned Mr Tyagi to understand the whole issue.