Indian Oil Corporation Limited (IOCL) is one of the largest oil refining and marketing companies in India. It is a public sector undertaking (PSU) and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). IOCL has a strong market position in the petroleum industry, with a market share of over 50% in the country. It is also known as IndianOil, and it is one of the largest commercial enterprises in India. The company was established in 1964 and has been a major player in the Indian petroleum industry ever since.
IOCL operates a vast network of over 31,000 km of pipelines, terminals, refineries, and marketing infrastructure throughout India. The company has also expanded its operations overseas, with offices in Sri Lanka, Mauritius, the UAE, Singapore, and the USA.
IOCL is involved in the refining, pipeline transportation, and marketing of petroleum products, including LPG, petrol, diesel, aviation fuel, lubricants, and other speciality products. The company is also involved in the exploration and production of crude oil and natural gas.
IOCL has a wide range of subsidiaries, including Chennai Petroleum Corporation Limited, IndianOil (Mauritius) Ltd., Indian Oil (Bahrain) W.L.L., Lanka IOC PLC, and IOCL Singapore Pte Ltd. The company also has joint venture partnerships with other companies, including Lubrizol India Private Limited, Hindustan Petroleum Corporation Limited (HPCL), and Bharat Petroleum Corporation Limited (BPCL).
IOCL has won numerous awards and recognition for its contribution to the Indian economy, sustainable development, and corporate social responsibility. The company has also implemented several initiatives to promote clean energy, such as the production of biofuels, and the installation of solar power plants and electric vehicle charging stations.
In recent years, IOCL has embarked on a digital transformation journey, leveraging the latest technologies to enhance its operations, improve customer experience, and drive innovation. The company has launched several digital platforms, including the IndianOil One mobile app, which allows customers to book LPG refills, pay bills, and track their transactions.
IOCL’s commitment to sustainability and innovation has made it one of the most respected and successful companies in India’s energy sector.
Unclaimed Shares in IOCL
As per the provisions of the Companies Act, 2013, if the dividends or shares of a company remain unclaimed for a period of seven consecutive years, they are transferred to the Investor Education and Protection Fund (IEPF) administered by the Ministry of Corporate Affairs. Shareholders of IOCL who have not claimed their dividends or shares for the past seven years can claim their unclaimed shares from the IEPF.
Procedure for Claiming Unclaimed Shares from IEPF
To claim the unclaimed shares of IOCL from the IEPF, shareholders need to follow the below-mentioned procedure:
Step 1: Verification of Eligibility
The first step is to check if the shareholder is eligible to claim the unclaimed shares from the IEPF. Shareholders can check their eligibility status by visiting the IEPF website (https://www.iepf.gov.in/IEPF/refund.html) and entering their name or Folio/DP ID.
Step 2: Preparation of Required Documents
Once the eligibility is confirmed, the shareholder needs to prepare the necessary documents for claiming the unclaimed shares. The documents required for claiming unclaimed shares from the IEPF are:
- Copy of PAN card
- Copy of Aadhaar card
- Copy of bank passbook or canceled cheque
- Copy of share certificate or statement of demat account
- Indemnity bond on stamp paper duly notarized
- Affidavit on stamp paper duly notarized
Step 3: Submission of Documents
The shareholder needs to submit the required documents along with the claim form to the concerned authority. The claim form can be downloaded from the IEPF website. The shareholder can submit the documents either in person or by post.
Step 4: Verification of Documents
Once the documents are submitted, they are verified by the concerned authority. If the documents are found to be in order, the authority will process the claim and transfer the shares to the shareholder’s account.
Benefits of Claiming Unclaimed Shares from IEPF
Claiming the unclaimed shares from the IEPF has several benefits for shareholders. Some of the key benefits are:
Financial Benefit: Shareholders can claim their unclaimed shares and receive the dividend or appreciation in the value of shares. This can provide a significant financial benefit to the shareholder.
Protection of Ownership: Claiming the unclaimed shares ensures that the shareholder’s ownership over the shares is protected. If the shares are not claimed within the stipulated time, they may be forfeited by the company.
Avoidance of Legal Issues: If the shareholder’s shares remain unclaimed for an extended period, legal issues may arise. Claiming the unclaimed shares ensures that the shareholder avoids any potential legal issues.
Ease of Claiming: The process for claiming unclaimed shares from the IEPF is straightforward and can be completed easily by following the required steps.
Conclusion
Claiming unclaimed shares from the IEPF is a simple and straightforward process that can provide significant financial benefits to shareholders. Shareholders of IOCL who have not claimed their dividends or shares for the past seven years can claim their unclaimed shares by following the procedure mentioned above. By claiming their unclaimed shares, shareholders can protect their ownership and avoid potential legal issues while also receiving financial benefits.