Overview of Recovery of Larsen & Toubro Ltd Shares from IEPF An Indian global company, Larsen and Toubro Limited (L&T), is based in Mumbai, Maharashtra. The two Danish engineers, who were Soren Kristian Toubro and Henning Holck-Larsen, formed the business in 1938. One of the most prominent enterprises in India, L&T operates in various industries, including engineering, manufacturing, construction, technology, and financial services. The business is heavily involved in the infrastructure market, which includes the electricity, water, transportation, and building sectors. L&T also works in the defence industry, offering the Indian Armed Forces engineering and manufacturing solutions. The business also has a significant presence in the IT industry thanks to its subsidiary L&T InfoTech, which offers IT solutions to customers worldwide. Importance of shares in the corporate world Shares are parts of the ownership in a company that represent a portion of its capital. The company issues these units to get capital from investors, who, in return, become business owners. When a corporation makes a profit, shareholders are entitled to dividends and can vote on significant issues at shareholder meetings. Shares are a crucial instrument for businesses to use to obtain cash to finance operations, corporate growth, and investment in new initiatives. Shares provide investors with the chance to recoup their investment and gain from the expansion of the business. Shares play a significant role in establishing a company's ownership structure in the business sector. Decision-making inside the firm may be significantly impacted by this ownership structure since shareholders who control a more significant portion of the company may have greater influence. What is IEPF? The forming of the Investor Education and Protection Fund (IEPF) was a response to the problem of people losing track of their stock ownership in corporations, which was becoming increasingly prevalent. The IEPF's primary goal is to protect investors' rights and raise investor awareness. Companies were required to submit unclaimed dividends and shares to government funds prior to the creation of the IEPF, which were then used for different public welfare and development activities. It was established based on the 2013 Companies Act, and the Ministry of Corporate Affairs is in charge of running it. The IEPF collects money from a variety of sources, including dividends that have not been claimed, deposits that have matured, and unclaimed debentures that have been lying about for a set amount of time. The IEPF has succeeded in developing a framework that guarantees prompt investor refunds and encourages excellent corporate governance practices among businesses. Who is qualified to claim the shares from IEPF? Anyone whose shares, unclaimed dividends, or other amounts-such as matured debentures, application money due for refund, or interest thereon, matured deposits, etc., have has been transferred to IEPF by the company can claim the shares and apply for a refund of money which is transferred from the IEPF Authority by submitting an application online in the Form IEPF-5, which is available on the IEPF website. Any successor, legal heir, or representative of the deceased individual may also submit an application. Procedure for Recovering Shares from IEPF Completing Application Form The first step to start the procedure of recovering the shares from the Investors Education and Protection Fund is to complete the application form and submit it. Following is the list of information and necessary papers which will b required in filing the application form for the recovery of shares: Information of Applicant as well as the company (only the information which is required and is in relation to the process) Claimed shares details Passport OCI/PIO Card Number Claimed amount details Information of the Bank account of the applicant Information of the deposits/securities in year-wise format Aadhaar Card After completing the application form, the form is to be submitted to the respective office of the registrar of the company that owes the money, along with the evidence which can support the list above. Submit the claim. Following is the list of the necessary papers that should be sent to company's IEPF Nodal Officer/Registrar along with the claim for a refund: The claimant must sign Form IEPF-5 and submit it along with identification Paper works like their Aadhaar card as proof of their eligibility. The printout from the claimant must also contain the SRN number and an acknowledgement copy. Genuine stock certificates and an advance stamped receipt, both signed by the claimant and witnesses, should also be provided by the claimant. The claimant might present a passport, OCI or PIO card, and a cancelled cheque as proof of their Indian identity if they are an NRI. For Demat accounts, copies of the customer master list and the original indemnification bond with the claimant's signature are also necessary for the claim process. Claim submission by company to IEPF authorities The claimant must submit a printout of Form IEPF-5 and other supporting Paper works to the company's Nodal Officer at its registered office for the claim's verification. The company must deliver the verification report to the IEPF within fifteen days of receiving the claim. Refund to the claimant by the IEPF Authority Within sixty days of receiving the verification report from the pertinent business that approved the application of the claimant, the Authority must make a decision regarding the reimbursement request of the claimant. The IEPF Authority will issue a penalty order for the repayment amount once the claimant has been given access to the shares with the consent of the competent authority. The IEPF Authority and the appropriate officer will send a bill to the pay and accounts officer for payment after determining the claimant's eligibility. Either the shares or the complete sum of the claimant's rights will be credited to the claimant's Demat account. Services offered by Enterslice Recovery of Shares from IEPF The IEPF Share Recovery Initiative aims at recovering shares that have been given to the Fund but have yet to be claimed. Only once the MCA and IEPF procedures have been finished may these shares be retrieved. The services we can provide: Application form completion and necessary paper submission Keeping IEPF informed on the status of the application on a regular basis Support from submitting the application to receiving payment from the IEPF Assistance with all the Paper works Our Expert team will provide all the necessary help that is required throughout the process till the end of the recovery of the amount that is claimed. Transmission of Shares When shares are transmitted, it means they are transferred from one individual to another as a result of the original shareholder's demise or insolvency or any other reason. The legal heirs or beneficiaries of a shareholder who passed away and whose shares have been transferred to the IEPF can obtain the shares from the IEPF by adhering to a transmission process. The legal heirs or beneficiaries must submit an application for the transmission of shares to the IEPF in order to claim the shares. The application has to have information such as the shareholder's name, the legal heirs or beneficiaries, and a death certificate as verification of the shareholder's demise. Depending on the particulars of the claim, the legal heirs or beneficiaries may also be required to present other supporting papers, such as the will's probate or a succession certificate. Transfer of Shares The procedure through which ownership of shares of a corporation is transferred from one shareholder, the transferor, to another, the transferee, is known as a share transfer. Shares may be transferred for a number of reasons, including the selling of shares, giving or receiving shares as a gift, or inheriting shares. When shares are transferred, the transferor freely hands over their ownership to the transferee in exchange for cash or another kind of payment. A transfer necessary paper must be signed by both the transferor and the transferee in order for shares to be transferred legally. It is crucial that the transfer of shares be carried out in conformity with all relevant rules and regulations for the benefit of both the transferor and transferee. IEPF Dividend Recovery A dividend is a certain part of a company's profits that is given to its investors as compensation for their investment. The board of directors of the firm typically determines the dividend amount, which is distributed on a per-share basis. The Investor Education and Protection Fund (IEPF) receive unclaimed dividends that have been issued by a corporation but have yet to be claimed by shareholders for seven years.