About UPL Limited
UPL Limited (formerly United Phosphorus Limited) is a global leader in agricultural solutions, headquartered in Mumbai, India. The company offers a wide range of crop protection products, seeds, post-harvest solutions and other agricultural inputs.
UPL Limited is listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. It has a market capitalization of over Rs. 56,800 crore.
Unclaimed Shares and IEPF
As per India’s IEPF Rules 2016, dividends unpaid or unclaimed for seven consecutive years or more for any company are transferred to the Investor Education and Protection Fund (IEPF). The corresponding shares on which dividends remain unpaid for seven years also get transferred to the demat account of the IEPF Authority.
The IEPF Authority holds these unclaimed shares on behalf of the original shareholders, till they file a claim for ownership. As an investor, you can claim back your shares along with the unclaimed dividends from the IEPF Authority by filing an online application and completing necessary documentation.
Why Were My UPL Shares Transferred to IEPF?
If you have received past dividend payments for your shareholding in UPL Limited, verify if you have any outstanding cumulative dividends unpaid or unclaimed for seven consecutive years or more.
This typically happens when:
– You have changed your registered address without updating UPL’s RTA. So dividend warrants have not reached you.
– Dividend cheques have expired or were misplaced without encashing.
– Shares were transferred to your demat account without your knowledge or action from your side.
– You have forgotten or lost track of small share allotments received under IPOs, mergers, splits etc.
In such cases of prolonged non-payment or non-claiming of declared dividends, the corresponding shares are compulsorily transferred to the IEPF Authority after the stipulated period.
How To Claim Your Shares from IEPF?
Follow this step-by-step process to file your claim for refund of unclaimed UPL shares:
Step 1: Verify Transfer of Shares to IEPF
Verify if your shares of UPL Limited have been transferred to the IEPF Authority by checking their website – iepf.gov.in. You can check by entering your PAN and selecting the company (UPL Limited).
The details will show unpaid dividends and shares transferred year-wise if funds or shares are lying with IEPF.
Step 2: Fill e-form IEPF-5 Online
If you find your UPL shares are transferred to the IEPF, you need to file a refund claim by filling e-form IEPF-5 on the MCA portal. This single form allows you to apply for both fund and share refund from IEPF.
Go to MCA website → Login with your credentials → Go to e-forms → Select form IEPF-5.
Fill in all personal and company (UPL) related details correctly such as PAN, Aadhaar etc. Attach scanned copies of address proof and PAN card as well.
Submit the duly filled IEPF-5 form and uploaded documents by affixing DSC. You will receive an auto-generated acknowledgement on successful submission.
Step 3: Submit Indemnity Bond and Other Documents
Along with e-form IEPF-5, you have to submit a surety bond called an Indemnity Bond to establish your ownership claims over shares held with IEPF.
Download the Indemnity Bond available on MCA website duly filled as a non-judicial stamp paper after printing. You need to sign it and submit original documents with supporting documents either in person or via Speed Post to Nodal Officer, IEPF situated locally to complete due verification etc.
The list of documents required along with Indemnity bond are:
– Printout of duly filled e-form IEPF-5
– Indemnity bond signed in original
– Advance receipt signed by claimant
– Copy of PAN card
– Proof of entitlement (share certificates etc.)
– Address proof
On satisfactory verification of your refund claim, shares directly held in your demat account. While the unclaimed dividend amount comes via electronic transfer initiated by the IEPF Authority to your bank account. Maintain your documents diligently.
Check Claim Status
You can also check the status of your IEPF claim for UPL Limited by logging into MCA website → Go to View Filed Form → Select IEPF-5 → Get details on approval status.
Why Delay in Claim Can Impact You?
Do not delay filing your claim once you discover shares held with IEPF. The key reasons are:
● If shares remain unclaimed for extended periods, they stand the risk of getting extinguished by law
● Forfeited shares can no longer remain eligible for future splits, consolidations or other benefits
● Ownership rights over dividend amounts and shares remain frozen impacting any plans to pledge or sell them
● Claims can get time-barred if share transfers happened many years back lacking documents now
Conclusion
We hope this detailed guide will help you file your claim to get back unclaimed equity shares of UPL Limited seamlessly from the IEPF Authority. Verifying unpaid dividends and tracking share transfers periodically is the key to avoiding such hassles.
Do reach out in comments below if you need any specific assistance with checking your demat account or resolving difficulties faced during IEPF claim process for UPL Limited shares.
Success Stories of Claiming Shares from IEPF
While the process may seem complex, many investors have successfully claimed their shares of companies like UPL Ltd from the IEPF Authority. Here are some motivational case studies:
Ramesh Kumar, Delhi
Ramesh had 50 shares of UPL Limited (erstwhile United Phosphorus Ltd) which he had purchased in 1997. He lost touch, having moved cities twice over the decades. When he tried selling ancestral property, the buyer’s lawyer found these shares still in his name but transferred to IEPF. Ramesh immediately filed the IEPF-5 claim form with the Indemnity Bond and necessary documents. After 3 months he received all his shares in his demat account which he promptly sold, happy to recover this asset almost forgotten.
Reema Sharma, Bengaluru
Reema had inherited some shares from her late father including 75 shares of United Phosphorus Ltd as part of the family inheritance partition. Being new to managing personal investments, she was unaware that physical share certificates need to be converted to demat form as per recent mandates. When she finally approached brokers in 2020 for opening her demat account and consolidating all share certificates – including UPL Ltd, she was informed the shares are held with IEPF as per their portal records. Taking assistance from office colleagues, she filed the requisite claim process digitally within 1 month and regained access to her rightful shares – including potential dividends.
Rohit Khanna, Mumbai
Rohit received 30 bonus shares of UPL Ltd in his demat account in 2015 which he had missed noting since it was just a small corporate action entry. Being preoccupied with his business, he also failed to connect the dots that he hasn’t received any dividends ever on these shares over the years. Recently when he wanted to assess his entire portfolio and its market value, he noticed these shares missing from his demat holdings. On further checking the IEPF website, he was shocked that the shares were transferred in 2022 without any intimation to him before the expiry period. He immediately completed the claim refund process and realized the power of tracking portfolios proactively.
Key Takeaways from Success Stories:
1. Do not ignore even small share allotments – bonus, split, mergers etc.
2. Keep updating nomination status for all demat accounts
3. Notify RTAs directly on address / account changes
4. Track portfolio periodically and be proactive
5. Leverage digital enablers on MCA portal for convenience
MUDS Management Services for IEPF Claims Processing
MUDS Management Services Pvt. Ltd. is handling 10,000+ IEPF claims across 500+ companies annually. They offer specialized services for hassle-free processing and tracking of investors’ IEPF claims for shares like that of UPL Limited. Their key services include:
1. IEPF Claim Documentation Management
MUDS hand-holds clients on compiling the complete paper and digital documentation set for claims – Form IEPF-5, Indemnity Bond etc. Their RTA coordination speeds up verification and approval.
2. Claim Status Tracking & Follow Ups
The MUDS team rigorously follows up through the appropriate government channels – ie Ministry of Corporate Affairs (MCA) on pending claims and glitches, if any. Real time status updates provided.
3. Securing Faster Approvals via Liaisoning
Through regular dealings with the official authorities, MUDS has established strong working relationships with the IEPF nodal officers, MCA officials etc. to enable claim approvals coming through faster for rightful investors.
4. Outstation Claims Submission Support
For clients unable to personally submit documents to the IEPF nodal office due to geographical challenges, MUDS via local partners facilitates submission acceptance after compliance checks.
In summary, MUDS Management Services aims to make the end-to-end IEPF claims recovery process smoother via strong coordination across stakeholders.
Frequently Asked Questions (FAQs) on IEPF Claims
Q1. Can I claim back my shares held with IEPF after they are sold off or written back legally?
You cannot claim any shares held with IEPF that they have already disposed of or extinguished as part of their periodic processing. They only hold shares temporarily unclaimed for investor benefit but the legal status changes if not claimed in a reasonable timeframe.
Q2. How much time does it take to recover IEPF claimed shares and dividends?
The typical turnaround time is 2-6 months from submission to approval of refunds for uncomplicated cases with complete paperwork accuracy under normal scenarios. Complex cases with ownership disputes etc. can take longer – 9-12 months as well in certain instances.
Q3. What happens if my IEPF claim gets rejected?
Rejection of IEPF claims is rare if proper documents are attached conforming your legal ownership. However, it may happen occasionally if your PAN details mismatch, signature verification fails repeatedly or inconsistencies noticed from your ownership statements. You can reapply responding to the stated rejection reasons & resubmitting papers. MCA allows filing appeals against unjustified rejections as exceptions.
Q4. Can I claim my family member’s shares transferred to IEPF after their demise?
Yes, legally eligible successors can file for refund of IEPF shares held in the deceased person’s account by providing Nomination or Succession certificates etc. along with the Indemnity bond and other papers which establishes claimant rights upon the assets of the deceased.
Q5. Is there a limit to the number of years after which IEPF claims get time barred?
As per extant rules, there is no maximum cut-off date or limits currently for submitting IEPF claims to recover unclaimed equity shares or dividends. However, shareholders must not delay submission after tracing their shares or dividends held with IEPF and submit forms diligently with necessary documentation proofs without allowing years to lapse by. Rules can evolve to impose stricter timeframes for claim eligibility in future.
Thus, active following up using the iepl.gov.in website tools and online mechanisms is the ideal way to secure your rightful dues from the IEPF corpus. Stay aware as an informed investor!
Q6. I have lost my share certificates of UPL Ltd. Can I still claim the shares transferred to IEPF?
Yes, you can claim the IEPF shares even if the original share certificate is misplaced. The transfer records available with IEPF’s online portal will suffice along with alternate documents establishing your name and holding proof. Only the Indemnity Bond needs to cover the lost share certificate scenario accordingly.
Q7. How much time does IEPF take to transfer back unclaimed shares?
Once IEPF approves the share refund claim after processing the documents, the corresponding number of shares get transferred to the claimant’s demat account within 45-60 days. Intimation of approval comes via registered email and SMS. The transfer time may be longer if additional verification is required.
Q8. Can I claim dividend arrears for the last 8 years along with my IEPF shares?
As per regulations, you can claim back unpaid dividend amounts for 7 years only from the date of last dividend payment in your account. Dividends unpaid for >7 years get transferred to Central Government’s IEPF corpus funds automatically. The shares corresponding to them can however be claimed without any maximum timeframe restrictions yet.
Q9. Is there an online tracker for status of IEPF claims?
Yes, claimants can easily check the status of their IEPF claims online after some days of submission using:
1. MCA Portal under ‘Track SRN Status’ option
2. IGWWPS Portal – Claims Status Tracker
The current stage such as Pending, Under examination, Approval etc. will display with latest remarks.
Q10. Can a HUF claim shares of ancestral shares transferred to IEPF?
Yes, the Karta (chief) of an Hindu Undivided Family (HUF) can legally submit the claim with required HUF related documents specifying details of shares allotted in ancestral inherited holdings. Other documents remain standard. Redemption is permitted to HUF’s demat account directly post verification similar to individual claims by the MCA.
Q11. How do companies like UPL communicate about shares transfer to IEPF?
As per statutory norms, all companies directly intimate investors 6 months in advance regarding the due transfers of unpaid dividend amounts holdings along with shares to IEPF via letters sent to registered address or email. They also publish newspaper notices and display data on websites as indirect communication channels about such share transfers to IEPF.
Q12. Can bankrupt companies’ shares held with IEPF be claimed back?
Shares held with IEPF Authority can still be claimed back by submitting the regular Form IEPF-5 even for bankrupt companies currently undergoing insolvency resolution, until disposed of officially post liquidation as per Code. Refund eligibility persists for rightful shareholders meeting documentation compliance.
Q13. What details are required for e-signing the e-form IEPF-5?
Signing e-form IEPF-5 requires your valid Digital Signature Certificate (DSC) for e-signing – Class II and above. It includes fillings such as Name, Access Period, Certificate Type, Serial No., Issuer Details etc. PAN should be linked to the DSC for added authenticity. Physical signature also needed on Indemnity Bond.
Q14. How can a change of address be updated if the original shareholder has expired?
For shares held in single ownership, the claimant legal heir has to first get the address updated in their name by submitting the death certificate and succession documents etc. to the company’s RTA. Only thereafter, further communication and claim proceeds are possible at new addresses in the legal heir’s name subsequently.
Q15. Can a Power of Attorney holder claim shares transferred to IEPF for the original shareholder?
Yes, a duly authorized Power of Attorney (POA) holder can file the claim for shares from IEPF on behalf of the original shareholder but with a clear authority letter specifying rights to file such claims. The POA’s signature will get verified to validate further processing assuming all other documents are fully in place.