Hey!
Recently two more guys reported this "no inittab found" error...

I'd propose you install PCLOS once again because it takes you 10-15 minutes only.
But prior to this we have to know your ISO file that you downloaded for PCLOS installation is not corrupted.
Two questions on this: did you do md5sum check of the file? And did you do Media Check that is an option when boot the LiveCD? The last checks for drive/disk errors.