Recover Asian Paints Share From IEPF

Recover Asian Paints Share from IEPF - An Overview

Asian Paints Ltd. is the top paint manufacturer in both Asia and India. It was established as a private firm in 1945. In 1982 the business became public and was admitted to the Stock Exchange. The company fared incredibly well, so its share price increased to over Rs.5000. It has become challenging for retail stockholders to invest in the company because of its increasing value. As a result, the corporation divided its equity into ten shares in 2013. Thus, the value of each new share was Rs. 500. The stock price rose from there, reaching over Rs.2100 per share.

It kept making money and paying dividends to its stockholders despite the setback of the COVID-19 pandemic. Asian Paints Ltd.'s shares have given their stockholders an overall dividend of 12 per share for the first three quarters of 2020–21. Therefore, if you had 50 shares in your name and purchased before 1985, you would have reaped a dividend of $1,105,20 in just the first three months of the current year.

About Investor Education and Protection Fund (IEPF)

The Government established the IEPF to handle unclaimed dividends and shares on behalf of legitimate shareholders. People frequently lose track of their stock ownership, which results in years of unclaimed dividends. Any of the following may be the root cause of forgetting the shares even exist:

• Investors must always choose a nominee for their shares. These shares stay abandoned after passing since their heirs must be made aware that they own such shares.
• Because the investment was so tiny, the investor promptly forgot about it.
• Shares are included in the real estate dispute and stay without an owner until the court rules.
• Additional factors may require investors to keep the shares in mind. As a result, many businesses have shares deposited with them without ownership.
• Such unclaimed dividends and shares were transferred to government pockets before the IEPF was created, which the Government utilised for several public welfare programmes and construction projects. The Government established IEPF after citizens began requesting dividend refunds and claims. The public can use this medium to get in touch with it, claim their dividends, and ask for reimbursement for the shares if they've forgotten about it for a long time.

Giving unclaimed Shares to the IEPF

When one of the following conditions needs to be met:

1. The investor has not claimed or cashed the dividend; the corporation must transfer the shares to IEPF.
2. The IEPF did not receive dividend payments for more than seven years, including interest.
3. The business must inform the IEPF Authority of the specifics of any such transfer.
4. To reclaim unclaimed Shares that the corporation transferred to the IEPF, a Shareholder must apply to the IEPF Authority.

Process of IEPF Share Recovery

Step 1: Filing the Application

• The first stage is for the claimant to submit a claim before the authority. The claimant must submit the form on the official site. However, in the IEPF-5 form, the claimant must fill out the following details:
• Information about the claimant or applicant and details of the CIN number from which the payment is due.
• Specifics of the claimed shares
• Information on the dividend amount that must be claimed
• The claimant's Aadhaar number (if an Indian)
• Passport/OCI/PIO card number (for a claimant who is an NRI or foreign national)

Step 2: Providing the Company with the Claim

After submitting Form IEPF-5, the claimant must send a copy of the Document to the company's IEPF Nodal Officer/Registrar in an envelope marked "Claim for a refund from IEPF Authority." The following papers should also be attested in this envelope:

1. Printout of the completed, signed, and sealed Form IEPF-5.
2. A duplicate of the acknowledgement bearing the SRN.
3. An original indemnification bond on non-judicially stamped paper with the claimant's signature. The sum specified in the Stamp Act.
4. A genuine, pre-stamped receipt including the claimant's and witnesses' signatures.
5. Aadhaar card, no. 4
6. A copy of the client master list for a Demat account
7. A returned cheque
8. Original share certificates or a copy of a transaction statement if the securities are tangible.
9. Evidence of eligibility (share certificate, interest warrant application number, etc.)
10. A passport, OCI, PIO card, or other Document proving Indian ancestry.

Step 3: Making a Claim

The company is required to file an application to the IEPF Authority in this step. Here are several examples:

After receiving a claim form, the employer has 15 days to create a thorough verification report and submit it to the IEPF Authorities. The claimant's Paper works ought to be included on the form.

Step 4: The Claimant Receives a Refund from the IEPF Authority

• Regarding the reimbursement of the claimant's application, the IEPF Authority must make a decision.
• After receiving the verification report, the claimant's application has to be approved within 60 days.
• The IEPF Authority issues a refund sanction order after being satisfied that the claimant is entitled to share with the consent of a competent Authority.
• The IEPF Authority confirms claimants' eligibility for shares.
• The IEPF Authority and the Drawing and Disbursing Officer then send a bill for payment to the Pay and Accounts Officer.
• The sum will be credited to the claimant's De-mat account once the bill is sent.

Services Provided by Enterslice

Recovery of shares from IEPF

You can get help from our professionals to get the remaining IEPF shares. We offer comprehensive assistance with the MCA and IEPF procedures, including help with Paper works, application form submissions, Document submission, and routine IEPF follow-up. We work hard to simplify things for our customers and give them a relaxing, delightful experience. You can get assistance from our specialists during the entire share recovery process.

Transmission of shares

The term "transmission" refers to the formal transfer of ownership. Through succession, it is possible when the company registers shares held by a deceased or insolvent person in the name of their legitimate heirs after receiving proof of the person's passing or insolvency. The transfer of shares happens when a registered member passes away, is declared bankrupt, or is determined to be crazy by a court of competent jurisdiction. Unlike a transfer of shares, which requires the signature and filing of a transfer instrument, the transfer of shares by operation of law does not.

Transfer of shares

Share transfers refer to sharing ownership from one person to another. When investors purchase and exchange shares of companies that are traded on the stock market, this transaction frequently takes place. Shares can be transferred through a stock exchange or a private contract between the buyer and seller. To finalise the transfer, the seller must inform the company and update the share register with the buyer's information. Once the buyer has paid the purchase price, the seller hands over the share certificate. It is crucial to fulfil all legal criteria and adhere to the rules and regulations governing the transfer of securities to ensure that the transfer of shares is legal.

IEPF Dividend Recovery

The board of directors distributes dividends, a portion of a company's earnings, to shareholders in cash, shares, or another asset. The reward is transferred to the IEPF as unclaimed dividends if it goes unclaimed for seven years. Our team offers specialised assistance to help consumers retrieve unclaimed monies from the IEPF and avoid legal trouble. This is especially important if the assets were left unclaimed due to a share transfer or transmission that was improperly carried out, inaccurate shareholder records, or unclaimed bonus shares.