It is rightly said that ” where there is a will there is a way”. Yes folks we @taxmistri have a solution to recover lost shares/Investments & unclaimed dividend. So before talking about the process of recovery we must understand the reasons behind such loss of shares and unclaimed dividends.
Section 124(1) of Companies Act 2013 provides that “Where a dividend has been declared by a company but has not been paid or claimed within thirty days from the date of the declaration to any shareholder entitled to the payment of the dividend, the company shall, within seven days from the date of expiry of the said period of thirty days, transfer the total amount of dividend which remains unpaid or unclaimed to a special account to be opened by the company in that behalf in any scheduled bank to be called the Unpaid Dividend Account“
Further Section 124(5) of Companies Act 2013 provides that ” Any money transferred to the Unpaid Dividend Account of a company in pursuance of this section which remains unpaid or unclaimed for a period of seven years from the date of such transfer shall be transferred by the company along with interest accrued, if any, thereon to the Fund established under sub-section (1) of section 125 (IEPF) and the company shall send a statement in the prescribed form of the details of such transfer to the authority which administers the said Fund and that authority shall issue a receipt to the company as evidence of such transfer ” and Section 124(6) of Companies Act 2013 provides that “All shares in respect of which unpaid or unclaimed dividend has been transferred under sub-section (5) shall also be transferred by the company in the name of Investor Education and Protection Fund along with a statement containing such details as may be prescribed”
We can conclude it in one line that ” Dividend and shares on which such dividend remains unclaimed for 7 years are transferred by the company to IEPF account”
So the problem along with reason is clear to all the readers but we @taxmistri has a solution to the same. Now coming to solution which is that a claimant whose shares or unpaid dividend has been transferred to IEPF account can file a claim with IEPF authories by filing form IEPF-5. This claim has to be filed as per the rules stated in Section 124(6) of the Companies Act 2013. Few important points one must considered while filing the application are as follows:
- Only one claim on one aadhar number can be filed in a financial year with IEPF authorities.
- Pan Number of the applicant must be active.
- Applicant must have a working Demat Account.
- Personal details of aadhar card and pan card must match.
- Legal hiers or successors can also claim these investments provided that such relationships must be verified by the company in which investments are to be recovered.
We are one of the leading service providers in this domain with over 5 years of experience with 99% success ratio. Since the process the tedius and requires lots of paper work, our dedicated team of Chartered accountants, company secretaries and professionals flawlessly handles this task. We offer time bound solutions to our customers in this domain.
We can be contacted at below details:
Sumit Agarwal: (M) 98138-03420, Email: [email protected]
Piyush Jain: (M) 88140-36002, Email: [email protected], [email protected]
