Overview of Recovery of ITC Shares from IEPF ITC Limited is a multinational conglomerate organization in India with its headquarters in Kolkata, West Bengal. The Imperial Tobacco Company of India Limited, founded in 1910, later changed its name to ITC Limited in 1974 to represent its comprehensive line of business. The FMCG (Fast-Moving Consumer Goods) sector, hospitality, paper & packaging, agribusiness, and information technology are just a few sectors in which ITC Limited is active. With brands including Aashirvaad, Sunfeast, Bingo, and Yippee, among others, it is one of India's top producers of cigarettes and tobacco products. ITC Limited has received numerous accolades and commendations for its corporate governance and social responsibility. It has a market capitalization of more than $50 billion and is traded on the Bombay Stock Exchange and the National Stock Exchange of India programmes and sustainability practices. Key Achievements of IEPF Since the Authority's inception, it has been making proactive efforts to protect and educate investors, and the number of programmes it conducts annually has greatly increased, going from 1869 in 2013-2014 to 5876 in 2017-2018. Until 2017-18, the Authority ran 14519 awareness campaigns. Through CSC, 35000 programmes have been planned for FY 2018-19 and about 1000 through Pls. The government has launched many programmes to improve financial literacy and raise investor awareness. 70,494 Investor Awareness Programmes (IAPs) were performed between 2013 and 2017 through various outlets, including professional institutes and CSC E-governance. A suggestion has been made to conduct an extra 35,000 IAPS across all remaining states to broaden the scope of these projects. This collaborative investor awareness campaign, developed in partnership with the Reserve Bank of India, the Securities and Exchange Board of India, and the Department of Consumer Affairs, aims to advance financial literacy and give people the tools they need to make wise investment choices. Awareness campaigns are also run with these programmes through various media, including radio, television, SMS, and newspapers. The public is also made aware of financial literacy through television crawls, SMS alerts, print adverts, and investor awareness jingles broadcast on the All India Radio, FM Rainbow, and Vividh Bharti channels. These programmes are essential for boosting investor confidence and encouraging a responsible investment culture in India. The Procedure for Recovering ITC Shares from IEPF The steps listed below must be taken to recover ICICI shares from IEPF: Fill out the application form with information about the applicant, the shares to be claimed, the Company's data, securities/deposits details, and the applicant's Aadhaar number or, for NRIs and foreigners, their passport, OCI, or PIO card number, the amount claimed, and the bank account information for the refund. Send the form and supporting Documents to the Company's Nodal Officer/Registrar. Send the completed Form IEPF-5, an original indemnity bond with the claimant's signature, a copy of the client master list from the Demat account, a passport, an OCI or a PIO card, as well as a voided cheque to the Company's IEPF Nodal Officer/Registrar to submit a refund claim. After receiving the claim form, the firm has 15 days to compile a verification report and send it to the IEPF Authorities and the claimant's supporting Paper works. When the IEPF Authority receives the Company's verification report, they have 60 days to decide on the reimbursement request. The IEPF authorities will issue a sanction order for the requested reimbursement after confirming the claimant's eligibility and getting approval from the appropriate authorities. The pay and accounts officer will subsequently receive a bill for payment from the relevant officer and the IEPF Authority. The shares or the whole value of the claimant's rights will be credited to their Demat account. Services Offered by Enterslice Recovery of Shares Our staff can help you claim the remaining shares given to IEPF. To complete the MCA and IEPF procedures, we provide end-to-end assistance, which includes Paper works help, application form filing, Document submission, and routine IEPF follow-up. We aim to simplify things for our customers and give them a hassle-free experience. We have a group of knowledgeable people who can guide you during the entire share recovery procedure. Transmission of shares The ownership of the shares is transferred from the shareholder, who is the original owner, to the claimant or legal heir under the term "transmission of shares." This can happen for a variety of legal reasons, including death, insolvency, insanity, marriage, and insanity. The legal heir must submit a request for the transfer of shares along with a number of supporting Documents, including a certified copy of the shareholder's death certificate, a letter of administration, a probate of the will, a certificate of succession, a sample of the legal heir's or successor's signature, and a self-attested copy of the PAN, in order to start the transfer process. Transfer of Shares When the original shareholder voluntarily transfers their shares to the transferee for money. The transfer of shares takes place. Once the transfer is finished and ownership is transferred to the transferee using a transfer deed, the obligation of the transferor or the original shareholder ends. Dividend Recovery A dividend is a percentage of a company's earnings that the board of directors decides to pay to shareholders as cash, shares, or another form. The payout is transferred to the IEPF as an unclaimed dividend if it is unclaimed for seven years. In order to help our customers collect unclaimed earnings from the IEPF without encountering any legal issues, our staff provides competent guidance. This is crucial in situations when the assets were left unclaimed because a share transfer or transmission was improperly executed, shareholder records were inaccurate, or bonus shares were never claimed.
According to IEPF rules, shares related to a payout that goes unclaimed for seven years or more will be transferred to IEPF.
The claimant must make an online application in Form IEPF-5, print it out, and deliver it, together with other supporting Paper works, to the Company's Nodal Officer at its registered office for verification of the claim.
The firm transfers dividends that have been claimed in up to seven years to the Investor Education and Protection Fund account.
The Company must submit Form IEPF-3, containing information about these shares, within 30 days of the end of the fiscal year. Transferring shares to a fund follows these steps: Shares must be credited to the IEPF Authority's DEMAT Account within 30 days of the day they become due for transfer to the IEPF.
The original share certificate, name and address verification, and bank account information are needed in order to claim shares from the IEPF.
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