An Overview Of Recovery of Grasim Shares from IEPF Leading Indian conglomerate Grasim Industries works in various industries, including cement, viscose staple fiber, chemicals, and textiles. The corporation, which was founded in 1947, has developed into a market leader in several of its industries. The corporate headquarters of this business are located in Mumbai, Maharashtra. Aditya Birla Group, one of India's significant conglomerates with operations in over 36 nations, includes Grasim Industries as a member. India is a significant manufacturer of fabrics, various chemicals, linen yams, and viscose worldwide. The company recently joined the paints industry and has six units across India. Grasim is joining the B2B online marketplace for building materials by utilizing the synergies of the Group. Grasim Industries has taken several steps to lessen its environmental impact and is dedicated to sustainable business practices. The business has won several accolades for its sustainability initiatives in recognition of its work in this field. In 2022, the firm had revenues of 96,522 crores of Indian rupees ($12 billion). History of IEPF Through the Companies (Amendment) Act of 1999, the Investor Education and Protection Fund (IEPF) were established under the Companies Act of 1956. Its primary goals are to advance investor education and safeguard investors' interests. The IEPF uses the unclaimed monies that have been with enterprises for a long time to educate investors and protect their interests. It was founded in accordance with Section 205C of the Companies Act of 1956. Companies are obligated to transmit unclaimed dividends, matured deposits, debentures, and other sums to the IEPF in accordance with the terms of the 2013 Companies Act. The IEPF then sets programmes that promote investor education and awareness and investor compensation for damages brought on by corporate fraud or carelessness. The IEPF has launched several efforts throughout the years to advance investor education and awareness, including holding investor camps, disseminating investor education literature, and running investor awareness campaigns. Investors may now more easily collect unclaimed dividends and other monies thanks to actions made by the IEPF. Common Reasons for Shares to be Transferred to IEPF Shares may be transferred to India's Investor Education and Protection Fund (IEPF) for several reasons. The dividend amount is transferred to the IEPF if a shareholder fails to claim their dividend for seven years. When a shareholder passes away, and their lawful heirs fail to collect their estate or dividend for a number of years, shares may also be transferred to the IEPF. Shares may also be transferred to the IEPF in the event of a merger or acquisition, or liquidation of a company and in situations when enterprises have not filed their annual or financial reports for a predetermined amount of time. For shareholders to prevent their shares from being transferred to the IEPF, it is crucial that they consistently update their KYC information and declare their dividends. If the shares have already been transferred, shareholders may retrieve their shares and assert their ownership rights by following the procedure outlined by the IEPF. Process of Recovering the Grasim Shares from IEPF For the recovery of Grasim shares from IEPF, the following procedure must be performed. Completing the application form The first and foremost step in the recovery of Grasim shares is to fill out the application form for claiming the shares from IEPF. For completing the application form following are the documents that the claimant will require: Applicant Information, along with information about the company Information regarding the shares which are to be claimed Year-wise details of securities/deposits Aadhaar card Number or Passport/OCI/PIO Card No. whichever is applicable to the claimant Claim amount details Details of Bank account The completed application is then to be sent to the Nodal Officer /Registrar of the company that owes the funds along with the above-mentioned documents. Submitting the Claim to the Company The claimant must provide specific documentation to the company's IEPF Nodal Officer/Registrar in order to request a reimbursement from the IEPF Authority. These papers include a completed and signed Form IEPF-5, an Aadhaar card, an acknowledgement with an SRN number, original share certificates, an advance stamped receipt with the claimant's and witnesses' signatures, an original indemnity bond, a copy of the Demat account's client master list and a passport, Overseas Citizen of India (OCI) or Person of Indian Origin (PIO) card, or a cancelled cheque. Claim submission by the company to IEPF authority Companies has fifteen days from the date on which they have received a claim from the claimant to put together a verification report and deliver it along with the claimant's supporting documentation to the IEPF Authorities. Refund to the claimant by the IEPF Authority The IEPF Authority has a sixty-day period to decide on the claimant's recovery request after receiving the verification report from the relevant company that authorised the claimant's application. The IEPF Authority will issue a sanction order for the requested reimbursement once the claimant has been given access to the shares with the competent authority's consent. The IEPF Authority and the appropriate officer will send a bill to the pay and accounts inspector for payment after determining the claimant's eligibility. The claimant will receive credit for the shares or the total amount of their rights credited to their Demat account. Services Offered By Enterslice Recovery of shares from IEPF At Enterslice, we provide comprehensive support throughout the entire process of recovering unclaimed funds, from submitting the application to getting paid by the IEPF. We offer assistance with application form filling, documentation advice, and the submission of required paperwork. Additionally, we provide ongoing follow-ups with the IEPF to check on status of the application. Our team of knowledgeable experts works to streamline the procedure for our customers so that they may quickly request payment for their unclaimed shares. Transmission of shares The transfer of shares from the original shareholder to a claimant or legal heir for different reasons, such as death, insolvency, marriage, insanity, or other legal causes, is referred to as the transmission of shares. To begin the share transfer process, the legal heir must submit an application along with the required documents, which include a letter of administration, probate of the will, a certificate of succession, a sample of the heir's or successor's signature, and a certified copy of the original shareholder's death certificate. A self-attestation copy of the legal heir's or successor's PAN is also necessary. Considering the fact that it is a complex and time-consuming process, the transfer of shares is critical to ensuring a smooth and accurate transfer of ownership. The legal heir can ensure that they obtain the shares, which they are entitled by presenting the proper documentation and following the necessary processes. Transfer of shares The transfer of shares happens when a shareholder chooses to transfer their shares to another individual in exchange for cash. The transferor's or original shareholder's obligation ceases after the transfer is completed, and ownership is transferred to the transferee via a transfer deed. This implies they are no longer bound by the shares they transferred. IEPF Dividend Recovery When a firm delivers earnings to its investors by means of dividends, some can go unclaimed for a number of reasons, such as share transfer or shareholder data problems, or unclaimed bonus shares. After seven years, unclaimed dividends are sent to the Investor Education and Protection Fund (IEPF). Our team of professionals, on the other hand, can assist clients in obtaining unclaimed dividends from the IEPF without requiring legal involvement. We give extensive support to customers throughout the recovery process, including assistance with paperwork, application forms, and the submission of required documents. We recognize the difficulties inherent in this process and, as a result, continuously monitor the status of each application to guarantee a successful and timely recovery.