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infinysolution · 2 years ago

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Reclaim Your Wealth: Know The Difference Between Unclaimed Dividend And Unpaid Dividends

The government of India developed the IEPF or Investor Education and Protection Fund to safeguard and educate investors that will protect them from losing control of their stock and assets. There are many examples of investors failing to select a nominee for their shareholdings. This means if an investor passes away, his investments are transferred to the government, along with the money related to unclaimed dividends or unclaimed stock dividends. After that, these funds can be used by the government as they think right unless the rightful heir of the investor makes his/her claim.

The IEPF encourages and allows investors’ to contact the government to ask for their dividends and even request that their shares that are long-forgotten shares be refunded, ultimately facilitating lost shares recovery.

The IEPF was developed with the investors or shareholders’ best interest in mind, and hence, it helps protect the monies of investors along with raising awareness regarding this issue.

What is the meaning of an unclaimed dividend?

A share in profits made by an organization distributed to every shareholder is known as a dividend. The quality and quantity of Dividends are determined and declared by the Board of Directors. There can be an interim or a final dividend, where the final is mainly declared at the end of the financial year. In contrast, the Dividend that is declared on a half-yearly or quarterly basis is called an interim Dividend.

Usually, dividends are paid on a specific date that is predetermined. However, if declared Dividends are not paid until the date of the pay-out, it is known as an Unpaid Dividend. It is usually paid by the specific company on demand and also is a liability for the company.

What is the difference between Unpaid Dividends and Unclaimed Dividends?

Unpaid and Unclaimed Dividends are actually very different from each other. If a company offers dividends to its shareholders, they need to claim they paid dividends. Hence, the unclaimed dividends are recorded when a certain shareholder claim the paid dividends.

These kinds of unclaimed dividends are mainly recorded when a shareholder becomes unable to claim its paid dividends. When a company remains unable to distribute dividends to shareholders after those are announced, those types of dividends are called unpaid dividends. Those dividends are required to be claimed by shareholders within 30 days of the declaration of those kinds of dividends.

Those kinds of dividends are usually kept in an unpaid dividend account that is completely separate. Before the year 2000, all dividends were sent by dividend warrants and cheques. Most of the dividends turn out to be unclaimed due to some reasons, like incorrect address, change of address, etc.

If dividends have remained unclaimed for more than seven years, the company usually sends such dividends to the account of IEPF or Investor Education and Protection Fund. Moreover, a shareholder is attributed with the right to claim such dividends from the IEPF at any point in time.

All about IEPF or Investor Education and Protection Fund

IEPF or Investor Education and Protection Fund, works for the purpose of promoting investors’ awareness and also for the protection of their interests. It is used for several crucial tasks, such as:

Promotion of the protection, education, and awareness of the investors.

Refund of matured debentures, matured deposits, unclaimed dividends, and also application money due for interest and refund.

Distribution of disgorged amount among identifiable and eligible applicants for debenture-holders, debentures and shares, depositors or shareholders who have suffered losses due to any other person, according to the order of the court or disgorgement.

Reimbursement of all types of legal expenses incurred in pursuing the class action suit that is under Sections 245 and 37 by members, depositors or debenture-holders as sanctioned by the Tribunal.

Any other purpose incidental, in accordance with those rules as prescribed, that the certain investor whose amounts as noted under Clauses (a) – (d) of Sub-section (2) of Section 205C is sent or transferred to the IEPF or the Investor Education and Protection Fund, after the time period of seven years expires, as per the Companies Act, 1956, is entitled to gain a refund from the organization Investor Education and Protection Fund related to such claims according to the rules under this specific Section.

What happens to unclaimed shares?

Following the date shown next to each year, the unclaimed shares will be transferred to the IEPF. After that, there won’t be any further claims.

What happens to unclaimed dividends? How to claim it?

When a dividend is not claimed for more than seven years, it turns out to be an unclaimed dividend. An investor can claim his unpaid or unclaimed dividends, matured deposits, matured debentures, etc., for a refund from IEPF by following a certain procedure provided by the authority. Therefore, you can easily reclaim your wealth, including your unclaimed stock dividends and IEPF unclaimed shares from the IEPF authority.

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thewealthfinder · 21 days ago

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Worried About Shares being Transferred to IEPF? Here’s What You Need to Know

If you’re an investor or a shareholder, you might have encountered the term IEPF or the Investor Education and Protection Fund. This fund was established to safeguard investors' unclaimed dividends, mature deposits, and shares. Over time, if shareholders or their heirs don’t claim these assets, they are transferred to IEPF for safekeeping. However, many shareholders are unaware that it’s possible to retrieve their shares or dividends through the IEPF claim process. Here’s a comprehensive guide to help you understand how you can recover your shares transferred to IEPF, track your claim, and complete the IEPF account recovery process.

What is IEPF?

The Investor Education and Protection Fund (IEPF) was set up under the Companies Act, 2013, with the goal of promoting investor awareness and protecting investors' interests. If shareholders fail to claim their dividends, shares, deposits, or debentures for seven years, these unclaimed assets are transferred to IEPF.

Why Are Shares Transferred to IEPF?

Shares and dividends are transferred to IEPF for safekeeping when they remain unclaimed by shareholders for an extended period (typically seven years). This can happen for various reasons:

Lack of awareness about dividends or returns

Change of address or contact information

Shares held in a deceased shareholder’s name with no claim made by legal heirs

If your shares have been transferred to IEPF, don’t worry—you can initiate the IEPF claim process to retrieve them. Here’s how.

Step-by-Step Guide to the IEPF Claim Process

Recovering shares from IEPF might seem complex, but following these steps can help you navigate the IEPF account recovery process smoothly.

1. Check Your Eligibility and Required Documents

Before you start, ensure you’re eligible to claim the shares. The claimant can be the shareholder, a legal heir, or a representative. Gather the following documents:

Original or duplicate share certificates

PAN card and Aadhaar card for identity verification

Death certificate (if claiming on behalf of a deceased shareholder)

Succession certificate or legal heir certificate (for legal heirs)

2. Visit the IEPF Authority Website

To begin the IEPF claim process, go to the official IEPF website. Here, you can find the necessary forms and further instructions to file your claim.

3. Fill Out Form IEPF-5

The IEPF-5 form is specifically designed for recovering shares, dividends, and other financial assets. Complete the form with accurate details of the shares, claimant information, and your bank details for receiving any recovered assets.

4. Submit the Form to the Company

After filling out Form IEPF-5, print it out, sign it, and submit it to the relevant company from which the shares were originally issued. Attach all supporting documents to expedite the process.

5. Submit the Application to the Nodal Officer

Your claim must be submitted to the company’s Nodal Officer or Registrar and Transfer Agent (RTA). They’ll verify the application and forward it to the IEPF Authority. Keep a copy of all documents and correspondence for your records.

6. Track Your IEPF Claim

Once your application is submitted, you can monitor its progress using the IEPF claim tracking feature available on the IEPF website. This will help you stay updated on the status of your application.

Tips for a Smooth IEPF Account Recovery Process

Navigating the IEPF account recovery process can be challenging, so here are some tips to make it easier:

Check your eligibility: Ensure that you’re either the shareholder, legal heir, or rightful claimant.

Prepare documents thoroughly: A complete and accurate application is critical to avoid delays.

Keep track of updates: Use the IEPF claim tracking feature to stay informed.

Contact customer support: If you have any questions, reach out to the company’s RTA or IEPF Authority support.

Common Challenges in the IEPF Claim Process

Although it’s possible to reclaim shares from IEPF, investors may encounter hurdles, including:

Incomplete documentation: Missing or incorrect documents can delay the claim.

Lengthy processing time: Claims can take weeks or even months to process.

Legal complications for heirs: Legal heirs may need additional documents, such as a succession certificate, to establish ownership.

Final Thoughts

The IEPF claim process, while time-consuming, allows shareholders and their heirs to retrieve unclaimed shares, dividends, and other assets. By understanding the IEPF account recovery process and tracking your application’s status through IEPF claim tracking, you can streamline your claim and regain control over your investments.

If you have shares transferred to IEPF, don’t worry. Follow the steps outlined here to reclaim your shares, ensuring a smoother, hassle-free recovery experience.

#finance #recovery of shares #unclaimed shares #recovering the unclaimed shares and dividends

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sharesamadhan23 · 1 year ago

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Unclaimed Bank Deposit - Role of Financial Experts to Get It Back

In the hustle and bustle of our busy lives, financial assets can sometimes slip through the cracks, left unclaimed and forgotten. Unclaimed bank deposits, dividends, and insurance claims are more common than you might think. It's like losing keys in the crevices of your couch, only the stakes are much higher.

What happens to these forgotten financial treasures? They end up in a state of limbo, often stored in financial institutions, unattended and neglected.

If you're one of the many individuals facing the predicament of unclaimed funds, and worried about how to get unclaimed bank deposits back, fear not! There's a beacon of hope shining through the labyrinth of forgotten finances - enter the trusted investment guidance-providing companies. Presenting their role in getting back that fund from the following segment.

How Financial Consultants Help to Gain Back Unclaimed Bank Deposits?

Certainly, financial consultants play a vital role in assisting individuals in reclaiming their unclaimed money, especially bank deposits, dividends, and insurance claims. Their expertise and in-depth knowledge of financial mechanisms and regulatory processes make them essential in the endeavor to reclaim lost finances.

1. Expert Guidance and Knowledge: Financial consultants with expertise in fund management possess comprehensive knowledge about the procedures and requirements for reclaiming dormant assets. They guide individuals through the complex procedures and legal formalities associated with claiming unclaimed bank deposits, dividends, or insurance claims.

2. Identification and Verification: They aid in the identification and verification of assets like unclaimed bank deposits. They assist in determining if individuals have any unclaimed assets by leveraging databases and resources that might not be easily accessible to the public.

Consultants undertake the necessary due diligence to verify the authenticity of claims, ensuring a legitimate and efficient reclaiming process.

3. Navigating Legal Procedures: Financial experts are well-versed in the legalities involved in the reclaiming process. They provide crucial assistance in handling paperwork, compliance, and adhering to the regulatory framework required for reclaiming lost assets. Their familiarity with the legal landscape helps expedite the process, avoiding unnecessary delays.

4. Maximizing Recovery: These experts have the skill to ensure that all potential sources of unclaimed money are explored. They go through thorough investigations on different insurance companies, and other avenues where dormant assets might reside. Through their professional networks and resources, they optimize the chances of reclaiming the maximum amount possible.

5. Personalized Assistance: Financial consultants offer personalized assistance, considering the unique circumstances of each client. They provide tailored guidance and support, ensuring that individuals are well-informed and empowered throughout the process.

6. Identifying Unclaimed Assets: The Search Begins

One of the primary challenges in reclaiming unclaimed assets is the initial identification process. Financial consultants or guidance services leverage sophisticated tools and techniques that are otherwise inaccessible to the general public.

These professionals delve into vast databases and utilize specialized search mechanisms, employing a wide array of sources and information to determine whether an individual has dormant finances awaiting reclamation.

Conclusion Unclaimed bank deposits need not remain lost forever. With the assistance of adept financial consultants, reclaiming unclaimed bank deposits, dividends, or insurance claims becomes a tangible reality. Don't let your finances remain dormant—secure your financial future by reclaiming what's rightfully yours.

#search unclaimed dividend #unclaimed dividend #unclaimed insurance claims #unclaimed money in india #unclaimed money #unclaimed bank deposits #financial consultant #how to claim dividend #fund management #indian post unclaimed deposits #provident fund claim

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recoveringunclaimedasstes · 1 year ago

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What happens to shares transferred to IEPF?

When shares are transferred to the Investor Education and Protection Fund (IEPF), they are held in trust by the IEPF Authority. The IEPF Authority is a statutory body established by the Government of India to protect the interests of investors.

The IEPF Authority manages the unclaimed shares in a number of ways. It may:

Sell the shares and use the proceeds to fund investor education and protection initiatives.

Hold the shares until the rightful owner comes forward to claim them.

Donate the shares to charitable organizations.

If you believe that you may be the rightful owner of shares transferred to the IEPF, you can contact the IEPF Authority to file a claim. You will need to provide the IEPF Authority with certain information, such as your name, address, and the date and number of the share certificate.

The IEPF Authority will investigate your claim and, if it is successful, transfer the shares to you.

Here are the steps on how to claim unclaimed shares transferred to IEPF:

Check if your shares have been transferred to IEPF. You can do this by searching for your shares on the IEPF website.

If your shares have been transferred to IEPF, you can file a claim. You can download the claim form from the IEPF website.

Submit the claim form along with the required documents to the IEPF office. The required documents include:

Proof of identity

Proof of address

Share certificate (if available)

4. The IEPF will process your claim and, if it is successful, will transfer the shares to you.

The process of claiming unclaimed shares can take several months. However, it is essential to file a claim as soon as possible to avoid losing your shares.

Here are some tips for avoiding your shares being transferred to IEPF:

Keep your share certificates in a safe place.

Update your contact information with the company.

Check your mail regularly for dividend notices.

Claim any dividends that are owed to you.

By following these tips, you can help ensure that your shares are not transferred to IEPF.

GLC Wealth, through its dedicated platform, www.iepfclaim.in has been a pioneer in recovering multiple crores worth of shares from the IEPF Authority. Dealing with the bureaucracy isn’t easy in India, but our widely renowned professionals have resolved IEPF claims in even the most technical scenarios. Our professionals will first understand your matter in detail and then guide you on the best way forward to resolve IEPF-related matters. Our IEPF solutions include:

End-to-end IEPF Shares Recovery

End-to-end IEPF Claims for dividends

IEPF rejections

IEPF delays

Verification reports not filed

Release of claims post approval from IEPF

#Unclaimed Investments #IEPF Shares Recovery #glc advisor

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alreadydeadtoyou · 2 years ago

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Your Name Here

It’s nearly 3PM and I’ve decided to make the turkey that’s been stored in my vehicle the past 10+ days. Today it’s raining and the previous few days were ‘warm’ enough to thaw the bird. Do I feel like such an undertaking--no, but I don’t waste food. I had to spend $50 in order to get this Jennie-Oh @ .49 cents per pound, lol.

While I wasn’t feeling particularly motivated after addressing Tom Wopat in a previous post, I now have time (while the neck and giblets simmer in their journey to become dressing) to reference my hillbilly spreadsheet and name names.

If I’ve offended any Vegan California Unclaimed Property letter recipients, let me know and I’ll cross you off the list. For the record, this endeavor began May 30.

David & Christine Gondek--$1767.42

Colonial Coachworks--$709.33

James Sigler--$167,657.02 (an attorney whose letter was returned, but what about that Money In Limbo)

Hindu Temple Malibu--$308 (expected more from such a place, not even a marigold petal nor email that I’ve been blessed)

Guy Campochiaro--$2341.86 (email returned, along with physical letter)

C&L Silver Brazing--$1000 (really thought a Working Person would say ‘thanks’)

Iron Eyes Cody--$4785.56 (I sent a message via Facebook to his son, Robert Tree Cody. I also ended up veering down the Iron Eyes Cody path, since I often reference that single tear from the pollution commercial. Much like the Indian cheapskate @ the Hindu temple “We owe you nothing, now go pick fleas off an upper caste member of our group if you wish to be helpful”, I’m disappointed by the Sound of Silence. Five grand is five grand--at first I thought he was busy on the PowWow circuit and such...)

Sophie Arquette--$12,117.57 (Sent letter to son, Mark, in Evergreen, CO Yes, I put time and effort into this)

Jane Kardashian, MD--$4820 (No fucking need to be this rude, unless the Medical A/R Clerk at this clinic kept the money for herself! At one time I did medical billing and/or medical A/R, this was like a fun PUZZLE for me as I arrived at this near 5 grand the hard way--all SMALL health insurance checks that somehow never made their way to the doctor. It happens. In this case, some non-Kardashian schmuck resolved it. Jane doesn’t care, must prefer the CA$H aspect of Juvederm. Couldn’t even send a LOTION sample, frozen-faced Armenian.

Susanne Gibian--$1258.23

Karen Frank Johnson--$891.93

Ellen Tower Spalding--$29,165.02 (minimum, this may have involved stocks/dividends, my notes neglect to state)

DePalma Farms--$190

Todd Anderson--$200 and contents of a safe deposit box (I was kind of excited as to what was in the box)

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goldenegg-transmission · 5 years ago

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Physical Shares, IEPF, Unclaimed Shares and You

Do you have any idea how much of wealth is wasting out there to be claimed by the person who invested or his / her legal heirs? It is mind boggling. Often, the figures are so numbing that it makes no sense to a common man.

When a worker joins the company, he gets Provident Fund. The employees, in order to save tax, invest an insurance. Safety minded Indian middle-class puts the money in fixed deposit in banks. More enterprising and risk-taking ones invest in capital market.

However, these details are never organized and passed on to the next of kin. With the results tens of thousands of crores are lost or unclaimed. Estimate of insurance unclaimed is over Rs.15,000 crores. Provident Fund unclaimed is over Rs.10,000 crores. Since, there are no single nodal agency, it is hard to estimate the bank deposits, but it is likely to be over Rs.15,000 crores.

The value of shares unclaimed or is rendered useless is truly astronomical. They easily dwarf the total of insurance, Provident Fund and Bank fixed deposit put together.

In order to understand the problems of unclaimed shares, one must trace the history of shares. Shares as we know, are traded in stock exchange. We open a Demat Account, log into the Demat Account electronically and buy or sell shares in lightning speed. Technology has largely organized the share trading, insurance investment, Provident Fund and bank deposit. However, what has happened in the past is still a deep-rooted problem.

Our focus in this blog is only shares. Since they easily constitute over 50% of the unclaimed wealth.

We have a disclaimer to make here, we have vested interest. Our company serves clients – end to end – to claim their unclaimed shares, their duplicate shares, the shares taken away by the Government in the form of IEPF – Investor Education and Protection Fund.

In order to understand the complexity of the problems as said earlier, it pays to trace the history of shares. All shares were issued in physical form. i.e. shares were printed in a piece of paper and handed over to the recipient. Shares were transferred to another person by filling up share transfer forms. Till the year 1999, obtaining paper shares was a norm and was not an exception.

Only in the year 1999, issue of shares in electronic format was made mandatory.

Till 2005, simple procedure of nomination was not available for the shareholders.

Given the scenario, it is quite possible that lot of shares dropped out of the horizons due to various reasons. It may be due to simple reasons such as change of residence or something more complex such as a secretive father dying without informing the next generation.

These shares have gained enormously in volume over time. Total value of shares in physical form stagnant even today will be to the tune of Rs.1,50,000 crores.

This is a menace. In order to counter and misuse of unclaimed shares, the government came out with a series of legislation’s.

They formed IEPF – Investor Education and Protection Fund and mandated every company to transfer the dividends to a designated account if the dividend has not been claimed for seven years i.e., if a dividend warrant has not been encashed for seven years, at the start of eight year the total amount will be transferred to the government fund, which of course can be claimed back.

As on 30th September 2018, they asked the companies to transfer the shares on which dividends has not been claimed for seven years to IEPF. Therefore, the companies transferred lot of shares to IEPF. Total value of shares transferred on 30th September 2018, by top hundred companies alone was Rs.11,000 crores.

The Government stopped the companies from sending dividend by way of dividend warrant effective 30th September 2018.

The government stopped the transfer of shares in paper form to another person with effect from 31st March 2019, i.e., presently even if somebody has paper share, they cannot transfer the shares without demating the shares.

All these measures are laudably. One would be reasonably expecting, this menace of unclaimed shares would have been a thing of past. Alas, we are not just standing there, but we are worse of compared to where we were earlier. Consider the following table, this is only the top hundred companies.

Period IEPF Physical

Sep-18 1,10,89,40,29,400.90 10,36,25,19,89,180.00

Dec-18 1,11,67,99,98,161.75 9,09,64,99,69,407.43

Difference 78,59,68,760.85 -1,26,60,20,19,772.57

Dec-18 1,11,67,99,98,161.75 9,60,00,91,45,398.08

Mar-19 77,98,97,17,056.00 9,09,64,99,69,407.43

Difference -33,69,02,81,105.75 -50,35,91,75,990.65

Mar-19 77,98,97,17,056.00 9,07,24,59,05,079.37

Jun-19 1,23,36,18,63,517.75 8,61,85,62,77,606.44

Difference 45,37,21,46,461.75 -45,38,96,27,472.93

Jun-19 1,23,36,18,63,517.75 8,61,85,62,77,606.44

Sep-19 1,34,21,53,05,475.15 8,47,61,72,01,559.49

Difference 10,85,34,41,957.40 -14,23,90,76,046.95

On the deadline (30th Sep, 2018) the companies transferred Rs.11,000/- worth of shares to the government. This is progressively increasing quarter on quarter and today it is over Rs.13,400 crores.

After transferring the shares to IEPF, the physical shares that are lying with general public which are not transferred to IEPF is over Rs.1,00,000 crores. Please bear in mind a share gets transferred to IEPF only if dividend remains unclaimed for seven years.

So, there are lot of unclaimed shares as on today. After all the steps taken by the government, government manage to reduce the problem only Rs.1,000 crores. So, we can say a little over 0.60% of the problem was solved!

From September 2018 to September 2019, Rs.24,000 crores worth of shares was transferred to IEPF and the physical shares have reduced by only Rs.25,000 crores during the same period.

In our reasonable estimate the total monetary value of the problem is Rs.1,50,000 crores based on our today’s economy and today’s market prices.

It is this problem we seek to tackle by providing end to end services to the clients. It is sufficient if you know your father had shares. Approach us. We will do end to end work by taking all services required and get you the shares. This procedure is very complex, and it often involves giving police complaint in case all duplicate shares, getting legal heir certificate from the municipalities, getting succession certificate or probating bill if there is one. We provide full end to end services and we are more than happy to be of assistance.

#demat #Duplicate Shares #IEPF #Investor Education And Protection Fund #Physical Shares #Probating #Succession Certificate #Transfer Of Shares #Unclaimed Shares

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legaladvisorr · 3 years ago

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Recover Bajaj Finance IEPF Unclaimed Shares

The IEPF was established by the Government of India to solve the growing problem of people forgetting their shareholdings in a firm. This initiative was established to defend investors' interests and raise awareness among them.

All iepf unclaimed shares & iepf unclaimed dividends and lost shares sent to IEPF on behalf of lawful shareholders are handled by the government. The biggest reason why shares go iepf unclaimed shares year after year is that individuals forget they hold them! How can anyone overlook their own investments?

Here are some of the reasons why this occurs!

Investors frequently fail to select a candidate for their shares. The heirs are unaware of any such ownership. Finally, the shares are abandoned.

Because the amount invested in shares is little, investors tend to overlook it.

In certain situations, the shares become embroiled in legal processes as a result of property disputes. In such cases, the shares stay ownerless until the ultimate court decision.

Before IEPF

Whenever the IEPF was not implemented, firms contributed iepf unclaimed shares iepf unclaimed dividends and shares to government funds. This money was utilised by the government for a variety of public welfare programmes. The monies were also utilised for a number of development projects.

Subsequently, the government recognised the heavy losses incurred by investors and decided to establish the IEPF. This functioned as a forum for investors to contact the government in order to claim their payouts. They can even get their long-forgotten shares refunded. The IEPF allowed investors to obtain dividends and shares directly from the fund management. All they had to do was make an application to the controlling authority. Instead of contacting each firm separately, people may now claim their dividends and shares from several companies through a single site.

IEPF Unclaimed Shares & IEPF Unclaimed Dividend Transferred to IEPF

So, what happening to the shares and dividends that have been transferred to the IEPF? Will investors lose their rights to their iepf unclaimed dividends and iepf unclaimed shares?

The dividend sum and shares were handed to the government prior to the creation of the IEPF. As a result, a shareholder lost all rights to the dividend money. The establishment of the IEPF enabled owners to retain control over the dividend amount and shares transferred to the IEPF Account. A simple application to the IEPF's fund management will assist in keeping these privileges.

Reputable firms, such as Bajaj Finance Ltd., send individual letters, by post, and through numerous other forms of contact to inform shareholders of their stake in the company. Their staff will remind stockholders to file their dividend claims on time. Once shares have been moved to the IEPF, the procedure of reclaiming them may become difficult.

The fund manager's entire refund procedure is time-consuming. To guarantee that the reimbursement reaches the correct owner, all applications are thoroughly reviewed. As a result, Bajaj Finance Ltd. advises shareholders to collect the dividend directly from the firm. The procedure is simple and quick. To claim dividends, shareholders must submit an application to the Company's Registrar or Transfer Agent.

If the shares have already been transferred to the IEPF, simply approach the company's Nodal Officer. You can contact the appropriate authority through email.

#iepf unclaimed shares

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shobhit2247 · 3 years ago

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Learn To Transfer of Shares on Death?

In India, what happens to unclaimed shares?

Unclaimed shares dating back seven years will shortly be handed to the Indian government. The total number of such shares in circulation can only be guessed. If you multiply the NIFTY 500 dividend yield by the yearly unclaimed dividend, you obtain a value of almost Rs. 1,00,000 crores.

How do you transfer of shares on death?

When a shareholder dies, one can easily transfer of shares on death of a shareholder

1. Change the name on Physical Share Certificates of a Deceased Physical Shareholder.

2. The Deceased's Death Certificate

3. The Successor's PAN Card.

4. Request for Transmission Form

5. Signatures of the Successor's Banker attested.

6. Proof of the Successor's Address.

7. Any additional documentation that the Company may request.

8. Unclaimed shares transfer to iepf details

What kind of unclaimed shares transfer to iepf?

All shares in respect of which a dividend has not been paid or claimed for seven years or more must be transferred to IEPF, according to Section 124(6) of the Companies Act, 2013 (Act).

How can I find out if my unclaimed shares transfer to iepf?

Details on sums scheduled to be transferred to the IEPF but are still with the firm are provided. By choosing Search Unclaimed/Unpaid Amount, you may access this feature.

How long does it take to get your IEPF shares?

If the Authority does not receive documentation after 60 days from the date of filing of Form IEPF-5, the Authority may reject the form after providing the claimant a 15-day period to respond.

What kind of shares are transferred to the IEPF?

All shares in respect of which a dividend has not been paid or claimed for seven years or more must be transferred to IEPF, according to Section 124(6) of the Companies Act, 2013 (Act).

MUDS management assists in IEPF claim of unclaimed of dividends and unclaimed shares in less than 60 days guaranteed.

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infinysolution · 2 years ago

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The government of India created the Investor Education and Protection Fund (IEPF) to educate investors and safeguard them from losing control of their assets and stock. There are innumerable instances of investors failing to appoint a nominee for their shareholdings.

Unclaimed Dividends are dividends that have not been claimed by the shareholder. The company is required to keep records of these unclaimed dividends for at least six years from the date of payment.

#unclaimed shares in india #unclaimed stock dividends #shares recovery services #what happens to unclaimed shares #what happens to unclaimed dividends #how to claim unclaimed dividend

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recoveringunclaimedasstes · 2 years ago

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IT Portal: Thousands of crores of rupees stuck in unclaimed shares and dividends, IT portal is ready to help

New IT Portal: The government has taken steps to help its investors or legal heirs to reclaim shares and dividends lying unclaimed for years. The Finance Minister announced during the Union Budget 2023 that the government will set up an integrated IT portal for the Investor Education and Protection Fund (IEPF) Authority. Announcing the new portal, the Finance Minister said that this step will strengthen the protection of investors, making it easier for them to claim their unclaimed shares or dividends. Through this portal, the entire financial sector will be made more robust and transparent.

What are unclaimed shares and dividends?There are some companies in the world of stock market which give a share of their profits to their shareholders from time to time. This part received in the form of profit is called dividend. Unclaimed dividend means that the company has paid the dividend but it is yet to be claimed by the shareholders. This can happen due to various reasons like, the shareholder has not updated his address in the records of the company and the dividend has not been received by him or the bank account has not been updated in the records of the company or the shareholder has died. Apart from this, there are many other reasons like non-matching with the name present in the record.

When no one inquires or claims about dividend of shares for seven years, the shares are transferred to Unclaimed Suspense Account and then to IEPF Account. This can also happen due to various reasons like change of address, overseas migration of the investor, death of the investor, loss of share certificates or name mismatch.

Investor Education and Protection Fund (IEPF)The Investor Education and Protection Fund was conceptualized in 2016 by the government under the Ministry of Corporate Affairs to raise awareness among investors about their unclaimed dividends and shares. The primary objective of the government was to prevent misuse of unclaimed shares and to promote and protect the interests of the shareholders. Interestingly, unclaimed dividends worth Rs 5,685 crore have come to the notice of listed companies, which had no claimants or claimants. Similarly 117 crore unclaimed shares have been transferred to IEPF. According to the current market prices, today their value would be around Rs 50,000 crore.

Presently, to get the shares and dividends lying in IEPF, the claimants have to claim online by filling IEPF Form-5. After that the hard copy of the documents has to be submitted to the nodal officer of the concerned company. In this entire process it is necessary to follow up with the company, its Registrar and Transfer Agent (RTA) and IEPF authority. But the difficulties are that the claimants have either clear or non-existent information about this process and documentation. Apart from this, they do not have a single platform to deal with multiple parties and track their claims, due to which they have to face many problems. To ease the process, the IEPF claim Authority has recently introduced a "Consultation Paper on Refund Process in IEPF Authority" to seek feedback and suggestions from all stakeholders and also proposed an Integrated IT Portal for IEPF.

Integrated IT Portal for IEPFThis step of the government to set up this integrated IT portal will further ease the process of re-claiming unclaimed shares and unpaid dividends. Shareholders who have not tracked or claimed their dividends or shares for the last seven years can now visit the IEPF IT portal to see whether their unclaimed shares have been transferred to IEPF. After this, they can claim their shares or dividends directly through the portal by following the prescribed procedure. This will enable investors to check the real-time status of their claims and companies to deal with any discrepancy raised by the government. In addition, there is also a possibility that claims below a certain value may be approved through a direct process.

#iepfclaim #lostshare #unclaimed dividend

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xhxhxhx · 7 years ago

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I wrote a nasty email to Google and now I feel bad

so I got this email an hour ago

Hello X,

As of September 8, 2017, you have US$9.91 of credit remaining on your Google Call Phones account. This is a friendly reminder to either (1) make a call, or (2) add credit to your account between now and 07 November 2017 to avoid Google having to potentially escheat these funds to the government.

What is escheatment?

Companies in the US are obliged to give assets that they believe are abandoned to US state governments. The appropriate state government is the state where you've told us you reside. If you reside outside the US, then the state of Delaware, our state of incorporation, is the appropriate state government. Different states have different rules for how long you must be inactive, but generally, it is between 2 and 5 years. Once Google escheats the money to the state government, you can then apply to your state government's unclaimed-property office to have the money returned to you.

What should I do?

You may take one of the following actions: Log in to your Google Voice (https://voice.google.com/) or Hangouts account and make a call. Log in to your Google Voice account and add additional credit to your account.

Yours sincerely, Google Voice and Google Dialler Support Team

Google Voice Inc. and Google Dialler Inc., 1600 Amphitheatre Parkway, Mountain View, CA 94043, USA

now, I didn’t want my US$9.91 to escheat to the State of Delaware, so I went to my Google Voice account and found a billing history that looks like this:

you’ll notice that the dates are so far back that Google just has DD/YY in the date line, because Google Voice apparently doesn’t remember when I got the credit, but Google Payments tells me it happened on March 30, 2012:

so I went to “Refund Balance” in Google Voice, as one does, and found this:

now, apparently, Google Voice doesn’t refund payments more than 6 months old; it’s a policy

but I write a message to Google Support anyways, requesting a refund of the US$9.91, because I certainly don’t want the money to escheat to Delaware and I can’t imagine when I’d need to make another international call

and a few minutes later, I get the message back:

Hello X,

Thank you for sharing your concern about your Google Voice number. I understand how that must be frustrating!

However, I'm afraid that Google Voice credits purchased more than 6 months ago are non-refundable. (If you'd like to learn more, here's the article on our Help Center about that.)

If you're having technical difficulties, may I please refer you to the tips and troubleshooting tools in our Help Center? You can also get personal advice from experienced users on the Google Voice Help Forum.

(As a member of the Google Wallet team, I'm afraid that I'm not personally able to answer questions about Google Voice that aren't related to Wallet purchases, but I definitely want to connect you with the experts who can.)

If you have any more questions, please reply to this email or let my team call you. We're happy to help!

Thanks,

Sergio The Google Support Team

and then I write this message back:

Is there any way to put a note on the account to make sure the credit doesn't expire?

The older answers in your forum indicate that "However, as you've seen, the credit never expires."

The message I received from Google explains that "Companies in the US are obliged to give assets that they believe are abandoned to US state governments." But I haven't abandoned this asset. I am informing you that I haven't abandoned this asset. I have no intention to abandon this asset.

I understand that the Delaware Escheats Law, codified at 12 Del. Code Ann. § 1130 et seq, has recently been revised by Senate Bill 13, but § 1136 of the Delaware Code provides that this property has not been abandoned, as I have indicated my interest in the property:

(a) Property is not presumed abandoned if the owner indicates an interest in the property during the applicable periods in this chapter. (b) An indication of an owner's interest in property includes any of the following:

(1) A record communicated by the owner to the holder or agent of the holder concerning the property or the account in which the property is held.

(2) An oral communication by the owner to the holder or agent of the holder concerning the property or the account in which the property is held, if the holder or its agent contemporaneously makes and preserves a record of the fact of the owner's communication.

(3) Presentment of a check or other instrument of payment of a dividend, interest payment, or other distribution.

(4) Activity directed by an owner in the account in which the property is held, including accessing the account or information concerning the account, or a direction by the owner to increase, decrease, or otherwise change the amount or type of property held in the account.

[...]

(c) A communication with an owner by a person other than the holder or the holder's representative is not an indication of the owner's interest in the property unless a record of the communication evidences the owner's knowledge of a right to the property.

I understand Google is interpreting my unpaid balance as a "stored-value card", defined at § 1130(24), which is explicitly defined as "property" in § 1130(18).

I am communicating to you, the agent of the holder, who represents and bears authority from Google, of my continuing interest in the property. I am communicating that I know that I have a right to the property. Whatever presumption of abandonment you were entitled to under the Code has been rebutted.

Now, you can hold my property. You can refund it to me. But you can't escheat it to Delaware. That would be unlawful.

So what can you do for me?

Sincerely yours, X

and now I guess I’m just waiting for a reply

so if Google decides to wipe me off the face of the Earth tomorrow, at least you guys will know why

#t

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loyallogic · 6 years ago

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What happens to unclaimed dividends?

This article is written by Yash Mukadam, here he discusses on unclaimed dividends.

Chapter VIII of the Companies Act, 2017 deals with declaration and payment of dividend. It is to be noted that ‘Dividend’, as defined by the said act also includes Interim Dividend.

Most shareholders invest in companies with the aim of earning the maximum profit which comes in the form of a dividend. Companies also fight hard to earn as much profit as possible to allow their members the highest possible dividends which can, in turn, bring the company several benefits in terms of increased market value, higher share price, better reputation etc. A Company thus has a lot of incentives to offer higher dividends sometimes even at the cost of other interests of the company. It is therefore not uncommon for a company to provide inflated dividends to attract investors and then gradually reduce them when the purpose is served.

S. 123 of the act states that no dividend shall be declared except out of (i) profits after providing for depreciation (provided that any amount representing unrealized gain/notional gains/revaluation of assets/liabilities is excluded in computation of profits); (ii) money provided by Central Government/State Government for payment of dividend in pursuance of a guarantee given by that government. The Amount of declared dividend is deposited in a scheduled bank within 5 days from the date of declaration and is thereby paid to the registered shareholders.

What happens if some members fail to claim their share of the dividend?[1] [2]

Where a dividend has not been paid/claimed within 30 days of declaration then the unclaimed/unpaid balance is transferred to a special account opened by the company in a scheduled bank called the ‘Unpaid Dividend Account’. If the company defaults in transferring the unpaid dividend to the Unpaid Dividend Account, it will be liable to additionally pay interest at the rate of 12% p.a. from the date of default. The interest accruing on such amount is for the benefit of the members. Within 90 days of such transfer, the company prepares a statement through Form No. IEPF 2 containing names, last known address and the amount and nature of unpaid/unclaimed dividend, the due date for transfer into the Investor Education and Protection Fund as well as any other information that it deems necessary and posts it on its website and any other website as prescribed by the Central Government. Eligible members can contact the company and claim their share.

If the amount stays unclaimed for 7 years then the amount along with the interest accrued is transferred to a fund established by the Central Government called “Investor Education and Protection Fund” and a statement regarding the transfer is sent to the authorities responsible for the fund. The authority sends a receipt to the company as evidence of the transfer. All the shares on which the dividend remains unpaid are also transferred to an IEPF suspense account (on the name of the company). The company informs the members about the transfer at least 3 months prior to the transfer as well as simultaneously publishes a notice in an English and a regional newspaper of wide circulation and on its website. The company will not transfer any shares if there is any specific order of a Court/Tribunal/Statutory Authority restraining the transfer (authorities are to be intimated of the unpaid dividend and corresponding shares within 30 days of the end of the financial year). The voting rights on the transferred shares remain frozen until the rightful owners claim them. The authority holds the shares on behalf of the members and the members are also entitled to all the benefits accruing on the shares.

It may be noted that in case the owner has encashed any dividend warrant during the last 7 years such shares shall not be required to be transferred to the Fund even though some dividend warrants may not have been encashed.

Any claimants can apply for the transfer of shares or refund as the case may be, directly from the Authority by making an online application in Form IEPF 5 and by paying the required fee. After making the application, the person has to send the duly signed application form (along with required documents) to the concerned company, which will, within 15 days send a verification report (along with the documents submitted) to the authorities. The authorities, after completing their internal procedures, transfer the shares (or the refund) within 60 days of receiving the verification report. IEPF cannot transfer the shares to anyone except the rightful owners. Every company which has deposited the amount to the fund has an appointed Nodal Officer who coordinates between the company and the IEPF. If the IEPF authorities do not receive the documents within 90 days from the date of filing of the IEPF 5 form, they may reject the form after giving an opportunity to be heard to the claimant.

Method of transfer as mentioned in Rule 7(4) of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016: “After verification of the entitlement of the claimant- (a) to the amount claimed, the Authority and then Drawing and Disbursement Officer of the Authority shall present a bill to the Pay and Accounts Office for e-payment as per the guidelines, (b) to the shares claimed, the Authority shall issue a refund sanction order with the approval of the Competent Authority and shall credit the shares to the DEMAT account of the claimant to the extent of the claimant’s entitlement.”

It may be noted that in case the owner has encashed any dividend warrant during the last 7 years such shares shall not be required to be transferred to the Fund even though some dividend warrants may not have been encashed.

A failure to comply with any of the above provisions will make the company liable for a fine, not less than 5 lakhs but up to 25 lakhs (in rupees) and every officer responsible for the default will be fined not less than 1 Lakh but upto 5 Lakhs (in rupees).

Conclusion

Chapter VII (specifically S. 124) of the Companies Act, 2013 and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 have significantly strengthened the legal framework governing unclaimed/unpaid dividends thereby reducing instances of companies taking undue advantage of the dividend in question. Secretarial Standards – 3 put forth by the ICSI, if enforced, will further help in protecting the said dividends.

[1] S. 124 of the Companies Act, 2013

[2] Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

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juudgeblog · 6 years ago