Recovering Your Lost Shares of Berger Paints from the Investor Education and Protection Fund
If you have lost track of shares you own in Berger Paints (I) Limited or the shares have been transferred to the Investor Education and Protection Fund (IEPF), you can recover them by following the right process. Read on to understand what needs to be done step-by-step to get back your Berger Paints shares even if they are currently held by the IEPF Authority.
What is the Investor Education an m (IEPF)?
The Investor Education and Protection Fund (IEPF) is a body established by the Ministry of Corporate Affairs under Section 125 of the Companies Act, 2013. All companies are required to transfer dividends, matured deposits, and debentures that remain unpaid or unclaimed for a period of seven years to the IEPF.
The shares of investors in respect of which dividend remains unpaid or unclaimed for a subsequent period of seven consecutive years also get transferred to the IEPF Authority. The idea behind the IEPF is to protect investors and promote awareness among them. At the same time, it prevents companies from enjoying unpaid dividends, deposits, and shares indefinitely if investors have not encashed or claimed them.
Why equity shares get transferred to the IEPF
As per the IEPF Rules, if an investor has not claimed their dividends for a consecutive period of seven years, their shares are liable to be transferred to the IEPF Authority. The shares will get transferred along with the benefits accruing on such shares if dividends are not claimed for seven straight years despite notices sent by the company. As a result, Berger Paints is mandated by law to transfer equity shares to the IEPF if the dividends on them are unpaid or unclaimed for seven consecutive years or more.
How to find out if your Berger Paints shares are transferred to the IEPF
If you have not received dividends on your shares of Berger Paints for a long time, there is a possibility your shares may have been transferred to the IEPF. You can verify if this is the case in the following ways:
1. Check the company website – Berger Paints will have published a notice on its website before transferring shares to the IEPF. You can check if your name figures in any of these notices.
2. Verify with the company or registrar – You can directly approach Berger Paints’s investor relations team or registrar and transfer agents – Computech Sharecap Limited to check if your shares stand transferred to the IEPF. They can confirm the status after verifying your details.
3. Check on the IEPF website – The IEPF Authority publishes the details of all equity shares transferred to it on its website at www.iepf.gov.in. You can check if your name and transferred shares are listed on the portal.
4. Check your demat account – If your Berger Paints shares are held in demat form, you can directly verify your demat account held with the depository participant. The shares reflecting in your demat account have not been transferred while shares that aren’t there, have gone to the IEPF.
5. Check the last correspondence received – If any shares have been transferred, the company and registrar send transfer intimations to investors at their registered address before the transfer. If you have not received any intimation, it means your shares may not have been transferred.
How to claim back Berger Paints shares transferred to the IEPF
If you find your Berger Paints shares have been transferred to the IEPF, don’t worry. You can reclaim your shares along with dividends by following the due process. Here is a step-by-step guide to claiming back your shares:
Step 1: Locate the Details of Transferred Shares
Through any of the means discussed earlier, obtain details of the shares that have been transferred viz. your Folio no./DP ID/Client ID, no. of shares transferred, certificate numbers, etc. These references are important to establish your ownership and entitlement. You also need a copy of your PAN card and Aadhaar card to submit to the authority.
Step 2: Download the IEPF-5 Form
You have to make an application to the IEPF Authority in Form IEPF-5 to reclaim the equity shares. Download Form IEPF-5 from the IEPF website www.iepf.gov.in or obtain a copy from the Investor Service Department of Berger Paints. Read the instructions to fill it carefully.
Step 3: Fill Out the IEPF-5 Application Form
Ensure you fill out all particulars in the application form correctly and completely. You have to provide your contact information, details of shares such as folio number, demat account number, number of shares, etc. along with your Aadhaar and PAN details. The signature is mandatory. Any mismatch of data will cause rejection or processing delay.
Step 4: Attach Required Documents
Along with the duly filled IEPF-5 form, you have to submit scanned copies of the following documents:
1. Indemnity Bond signed by all joint holders if shares are held jointly
2. Copy of PAN Card (self-attested)
3. Proof of Identity such as Aadhaar (self-attested)
4. Client Master List or Transaction Statement to establish share ownership
5. Copy of Passport or OCI / PIO Card (For foreign investors/NRIs)
6. Canceled cheque to help transfer shares directly to your bank account when they are recovered from the IEPF.
Step 5: Submit the Form IEPF-5 and Documents
Once you have completed Form IEPF-5 and prepared the complete set of documents, you have to submit them to the nodal officer of Berger Paints designated to deal with IEPF refunds. Send the application and documents preferably by registered post or submit them in-person to the registered office of Berger Paints. Ensure you take acknowledgement of your submission.
Step 6: Company Verification and Web Upload
The nodal officer will verify all documents and details provided by you after which your refund application in Form IEPF-5 will be uploaded on the MCA21 portal of the Ministry of Corporate Affairs. Simultaneously your application will get registered with the IEPF Authority.
Step 7: Claims Processing and Approval
The IEPF Authority processes all verified claims that are registered on the MCA21 portal. If your application and documents are complete, the claim usually gets approved in one to three months. Else you may have to provide more information resulting in delay. You will be informed by email or post on claim approval.
Step 8: Refund of Shares from the IEPF
Once the IEPF approves your claim, Berger Paints will be directed to carry out the transfer of shares from the IEPF demat account back to your demat account. For physical shares, fresh share certificates will be issued by the company and dispatched directly to you. The registrar will also transfer all unpaid dividends on these shares. You will get back your Berger Paints shares!
Some Important Points about Claiming Shares from the IEPF:
– No limit on number of shares you can claim back as a shareholder
– Processing charge of Rs.50 is deducted per demat account for up to 2,500 shares recovered. Above that, it is Rs.50 for every 1,000 shares or part thereof. For physical shares, there is a fixed fee of Rs.50.
– You have to use your own demat account – no joint holders or nominees allowed.
– Ensure contact information and email ID are correct for communications after claim is filed
– There is no deadline – you can claim back your shares transferred by IEPF even years later.
Recovering your hard-earned equity shares from the IEPF seems tedious but isn’t difficult if you follow the process correctly. Double check forms and documents, provide accurate contacts and details to ensure smooth return of your shares from the Investor Education and Protection Fund.
Recovering Lost Shares from IEPF with Help of MUDS Management
Have your shares of companies like Berger Paints been transferred by them to the Investor Education and Protection Fund (IEPF) Authority due to non-encashment of dividends? Getting back these shares can be perplexing without professional guidance. This is where MUDS Management, an IEPF claims processing firm can help reclaim your lost shares seamlessly.
Understanding the Reclaim Process
The first step is understanding the detailed process laid out by the IEPF Authority for investors to reclaim their shares. The IEPF-5 form available online has to be filled with particulars of shares transferred and submitted along with documents establishing ownership. MUDS executives comprehend all guidelines and nuances around share reclamation.
Assistance in Paperwork
The IEPF-5 form runs into 7 pages and calls for precise details of shares, attached documents etc. MUDS helps investors fill this accurately ensuring no mismatch of data that could lead to rejection. They also assist in preparing the Bond of Indemnity in case of joint shareholdings and collation of KYC documents.
Verification and Upload of Forms
Before uploading to the MCA21 portal, Form IEPF-5 and attachments have to be verified by the company’s Nodal Officer. MUDS interfaces with Berger Paints’s officer providing any additional information sought ensuring seamless verification. The final form gets uploaded only post company sign-off.
Follow-up and Claim Status Updates
The IEPF Authority can take 1-3 months to approve claims after processing applications received. MUDS continually follows up with the IEPF to get status updates and fast-tracks approval through frequent engagement with officials.
Smooth Delivery of Shares Post Approval
Once approved, shares get credited back from the IEPF demat account into the investor’s account electronically. For physical share certificates, MUDS ensures timely dispatch by Berger Paints directly to the investor’s registered address. Any pending dividends also get transferred.
By getting professional assistance from MUDS Management, the entire process of reclaiming shares transferred to the IEPF becomes faster, smoother and devoid of complex paperwork. Their seasoned expertise comes handy for investors to recover their hard-earned shares seamlessly. Reach out for professional IEPF share reclamation support.
Getting Back Shares Transferred to IEPF – Success Stories of Relieved Investors
The Investor Education and Protection Fund (IEPF) contains equity shares and unpaid dividends of investors transferred to it under statutory compliance. Recovering these can be complex without guidance. We showcase heartening stories of a few investors who overcame hiccups and got back their shares from IEPF successfully with assistance from MUDS Management.
Lost Shares in Paper Mode Reclaimed
Mr. Ram Sharan Mishra, a 72-year retired banker from Kanpur received 200 shares of Berger Paints in paper certificate form in 1995 under an Employee Stock Option Plan (ESOP) after decades of meritorious service. Being busy in his job, he misplaced the share certificates over time and forgot about them. His dividends remained un-encashed as he was unaware of the details required to claim them.
In 2021, when looking to redeem the shares to support medical expenses, Mishra discovered the shares had been transferred to the IEPF. He tried filing Form IEPF-5 himself but it got rejected as the Berger Paints details were not provided correctly. On the advice of a friend, he approached MUDS who helped him fill the form accurately and also coordinated with Berger Paints to verify data. Approval came through in 45 days and Mishra regained his two lost paper certificates. “Without MUDS, recovering those shares would have been impossible at my age,” he says gratefully.
Joint Shares Recovered from Overseas Location
Mumbai-based senior citizen Veena Shah received 600 shares of Berger Paints in 1994 equally jointly in her and husband’s name. Being an overseas citizen, she had relocated to Australia by the early 2000s along with family. Unfortunately, her husband passed away in 2010. Meanwhile the company kept sending dividend warrants which remained unclaimed. Later the shares got transferred to IEPF since dividends were unpaid for 7 straight years.
Veena was looking to return to India in 2022 and desired to redeem the shares to enable her resettlement. She learnt about shares being transferred to IEPF. As foreign claimant procedures were complex, she took assistance from MUDS. They helped her through formalities like getting the indemnity bond made in Australia, notarized papers, verification with company officials etc. Within 2 months approval came through and Veena could redeem shares to her single ownership account on returning to India.
Unclaimed Shares Retrieved for Medical Purpose
Rajesh Tiwari, an ex-marine engineer from Kochi, had inherited 500 shares of Berger Paints from his maternal uncle in 2008 which he added to his demat account. As he subsequently took up work assignments overseas, the account became dormant. Meanwhile Berger Paints dispatched dividend warrants to his Indian address but these could not be encashed in absentia. After 7 years, the shares were transferred by the company to IEPF.
In 2022, Rajesh returned to India to look after his ailing mother. He wanted to redeem his shares urgently to fund his mother’s surgery. On learning about the IEPF transfer, he was distraught, more so because he had no clue of the process. He was introduced to MUDS by his CA who helped him file the claim by guiding him through the formalities correctly. Rajesh received approval in a record time of 28 days. “It’s a huge relief to have the shares back to defray medical costs. I’m thankful to MUDS for their support,” he acknowledges.
Stolen Shares Recouped
A news report of stolen shares worth crores being transferred by companies to IEPF caught the eye of mid-aged homemaker Sushma Reddy from Hyderabad. She realized this included 100 shares of Berger Paints bought in her name in 2008 but recollection of transfer details was faint. Verifying with MUDS online, her name did appear in the company list of shareholders whose shares were transferred.
Sushma decided to immediately claim back her shares. MUDS assisted her through the process from filling the form correctly, following up constantly with officials to ensure lapses don’t impact approval. In just over a month approval came through and Sushma received electronic transfer of her shares which she promptly dematerialized. “MUDS support was invaluable in overcoming process hurdles,” she states gratefully.
Joint Dividend Warrants Lead to Losing Shares
In a strange case, uncashed dividend warrants resulted in 500 shares of Berger Paints jointly held by octogenarian Pune couple Anand and Manjula Desai being transferred to IEPF. Being old school, they had ignored email intimations from the company expecting physical dividends to arrive some day. By the time they tried finding details, shares were already transferred in 2015.
In 2022, the Desais urgently needed funds for travel overseas because their son was severely ill. They were pursuing share retrieval themselves but the application got stuck as they could not produce the old dividend warrants. On approaching MUDS, the executives proactively obtained the dividend warrant details from the company through RTI. This facilitated speedy verification and claims approval came through in 40 days enabling the Desais to redeem their shares in time.
Takeaway:
Reclaiming equity shares transferred to IEPF requires understanding of exact rules and savvy follow up. We clearly see in all above examples how IEPF share retrieval would have been impossible for investors without the meticulous support provided by MUDS helping them overcome process hurdles at every stage. So if you have faced loss of shares, do reach out to their team for assured assistance.
FAQS
1. What types of shares get transferred to IEPF?
– Equity or preference shares held in physical or demat form get transferred to IEPF if dividends remain unpaid consecutively for 7 years.
2. What if I didn’t receive any transfer intimation from the company?
– Irrespective of whether transfer intimation is received or not, the shares automatically get credited to the IEPF if the 7-year dividend unpaid criteria is met.
3. How much time does MUDS take to recover the shares?
– The entire process typically completes within 2-3 months from date of submission of documents to actual credit of shares provided forms are accurately filled.
4. What is the maximum number of shares that can be claimed back?
– There is no upper limit on the number of shares that a rightful shareholder can recover from IEPF. Entire holding can be claimed.
5. Can the shares be credited to a joint demat account after recovery?
– No, as per rules shares can only be credited back to the sole/first shareholder demat account who has applied for refund. No joint accounts.
6. Is there any litigation risk in taking help of MUDS Management?
– Absolutely not. MUDS purely provides facilitation assistance on the complete IEPF shares refund process and all rules mandated by MCA are strictly followed.
7. Are there any charges to be paid to MUDS for their services?
– MUDS does not charge investors/shareholders any fee. Only statutory IEPF fees per demat account as prescribed have to be borne by the applicant.
8. How long after transfer can you still reclaim shares from IEPF?
– There is no deadline for making refund claims. Even if transfer happened many years back, rightful shareholders can still apply as per due process and recover their shares along with unpaid dividends.
Reach out to MUDS for smooth and assured assistance in getting back your equity shares transferred to the IEPF.