UNCLAIMED SHARES
The dividend declared by company have been remitted to the shareholders either electronically to their bank Account or by sending dividend warrant to the address of the shareholder as registered with the Company Under instructions from the Company, registrar have sent intimation / reminders periodically to shareholders including to shareholder for claiming unencashed dividend.
As per the applicable provisions of the Companies Act, all unpaid or unclaimed dividends are required to be transferred by the Company to the Investor Education & Protection Fund (IEPF) established by the Central Government, after completion of 7 years. Company have regularly uploaded full details of such unpaid or unclaimed dividend on their website including that of the Company before transferring such dividends to IEPF.
The Ministry of Corporate Affairs, Government of India has relatively recently notified new Rules under Section 124 (6) of the Companies Act, 2013 - viz. Investor Education & Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 - which, vide Rule 6 has been implemented by the Ministry of Corporate Affairs with effect from 1, October, 2017. The said Rules, inter alia contain provisions for transfer of ALL SHARES in respect of which dividend has not been paid or claimed for 7 consecutive years to the Demat Account of the IEPF Authority.
A share holder may loss share certificates, hence, denying him from valuable possession of his investments. The share holder has to get duplicate share certificate in his / her name from the company
