The SEBI circular mandates that, as of April 1st 2023, physical shareholder folios that are missing any of the data—such as a PAN, email address, mobile number, bank account details, or nomination—must be frozen.

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Recover Lost Shares of Wipro Limited from IEPF
Recover Lost Shares of Wipro Limited from IEPF

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a top provider of technology services and consulting services with an emphasis on developing cutting-edge solutions to meet the most challenging demands of its clients in terms of digital transformation. We use a comprehensive set of skills in consulting, design, engineering, operations, and new technologies to support customers in realizing their most audacious goals and creating resilient, long-lasting enterprises.

We are a firm with over 250,000 committed people serving clients in 66 countries that is well-known across the world for its extensive service offering, strong dedication to sustainability, and good corporate responsibility.

How to Tackle Possible Situations for the Recovery of Shares in India

Physical certificates of shares serve as evidence of the shareholder’s ownership of those shares. A physical share certificate may be destroyed, misplaced, forgotten, or lost due to certain conditions.

A person approached us at MUDS on the advice of a friend since we are the top service consultants in Hyderabad for recovering shares and dividends from IEPF, creating duplicate share certificates, and converting physical shares to Demat. He is an Amara Raja Batteries Ltd. shareholder. He obtained a physical certificate for the shares before making his purchase. According to the research, we learned that he was involved in a fire disaster and lost his share certificate. He said that the dividend wasn’t claimed for a longer time period as well. Our team’s study revealed, with few specifics, that the shares had been transferred to IEPF (Investors Education and Protection Fund).

The duplicate shares certificate is necessary to claim the shares and dividends from IEPF because the primary evidence of ownership of the shares has been lost. Only a dividend check served as evidence. We began the procedure for a duplicate shares certificate with that dividend check. We advised him to file a complaint and obtain a copy of the FIR at the judicial police station as soon as possible.

As soon as we had a copy of the FIR, we submitted the following paperwork to request a duplicate share certificate. A canceled check leaf, a folio number, a share certificate number, a PAN card, an Aadhaar card, an email address, and a mobile number are all required.

A select few of the consumers who contacted us in order to obtain a duplicate shares certificate showed up in person and were successful in doing so quickly and simply. However, only a small number of clients contacted us to request a duplicate shares certificate before moving elsewhere due to professional obligations. Unfortunately, due to the delay in receiving the documentation from our clients and their absence when needed, their shares were transferred to IEPF.

Therefore, in order to expedite the process of obtaining a duplicate shares certificate, we encourage you to be present when we request it.

If the Shareholder is Deceased or Dead:

A person is referred to as a shareholder of a corporation when they purchase shares from it. In the past, tangible share certificates were used to purchase shares. If a shareholder passes away, the shareholder’s nominee or legal successor is responsible for notifying the corporation through email or letter of the death as well as of any lost, missing, or forgotten share certificates. If a shareholder names a nominee on the shares certificate, the nominee is then able to request a transfer of shares and can apply for a duplicate shares certificate.

MUDS FOR THE RECOVERY OF WIPRO SHARES

Many of MUDS’ clients who contacted it for assistance in obtaining a duplicate share certificate in the event that the shareholder or investor had passed away were successful.

One of our clients came to us seeking a duplicate share certificate as well as unclaimed dividends and shares.

As we went into further depth, Mr. Subba Rao purchased 300 shares from Wipro Ltd. in 2004 in the form of tangible share certificates. In 2009, he misplaced and lost his actual share certificate. Since Subba Rao fell ill and became bedridden in 2011, dividends for the shares have not been claimed. Subba Rao tragically passed away in 2014. The shares and dividends were transferred to IEPF in 2019 since they had not been claimed for 7 years in a row.

But in 2006, WIPRO Ltd. granted a bonus in a 1:1 ratio, increasing the number of shares to 600. In the same manner, as in 2009 and 2018, WIPRO once more distributed bonuses to the shares in a 1:1 ratio. Thus, the total value of the shares was 2400. As of 2018, the entire market value of the shares was 50 lakh Indian rupees.

His wife, Mrs. Devi, came to us and asked that we handle the situation and get the shares and dividends back from IEPF so she could claim them. However, since the primary ownership document was misplaced, we requested a duplicate shares certificate. In order to apply for a duplicate share certificate, we needed a few documents, including the investor’s death certificate, the family members’ PAN cards, the successor’s succession certificate, the successor’s attested signature from their bank, their address proof, their Folio number, their address as the shareholder, nominee, or legal heir, their share certificate number, their PAN card, their Aadhaar card, their email address, and their mobile phone number.

She provided the necessary documentation, and we then began the process of requesting a duplicate share certificate. We were able to effectively collect the unclaimed shares and unclaimed dividends from IEPF as soon as we received the duplicate shares certificate. The unclaimed dividends were then claimed by Mrs. Devi, and the shares were then transferred to her name.

If Both the Shareholder and the Nominee Are Dead:

Usually, shareholders have the choice to physically affix a candidate to their shares. The majority of stockholders or investors took advantage of the chance to add nominee information while purchasing shares in the form of actual share certificates. Few shareholders took advantage of the chance and failed to enter the nominee’s information.

In the event that the shareholder or investor passes away, it may be simple to obtain a duplicate shares certificate in the place of the lost, missing, burned, or forgotten original shares certificate provided the nominee is added to the shares. When the nominee information is not attached to the shares, obtaining a duplicate share certificate for a nominee is a challenging and time-consuming process.

However, the legal successor or the family may request a duplicate shares certificate if both the shareholder and the nominee pass away.

Cases involving duplicate share certificates are handled by a professional staff at MUDS.

In the event that both the shareholder and nominee pass away, we have had great success assisting our customers in obtaining duplicate share certificates. You can obtain a duplicate share certificate in one of two ways:

If the shares are transferred to IEPF: If the dividends are not deposited for 7 years or longer, the shares are transferred to IEPF. It takes a very long time to obtain a duplicate shares certificate from IEPF if the shareholder and nominee are both deceased and there is no original shares certificate.

Your understanding of the regular procedure to get a duplicate share certificate from IEPF may be aided by the case that we resolved.

We have been approached by the shareholder’s legal heir, who has offered us the chance to handle the situation. According to his understanding, his mother was the nominee for his father’s 500 shares of Reliance Industries Ltd. stock, which he has owned since 2004. Sadly, they both passed away. Additionally, the physical certificate for shares was missing. As evidence, he only has a dividend check in his father’s name.

Using the scant information on the dividend check, we did some investigation and discovered that the corporation issued 2000 shares total plus bonuses, all of which were transferred to IEPF. As previously stated, our team of experts worked diligently with IEPF to get a duplicate shares certificate. After that, we processed more so that our client could reclaim the unpaid dividends and regain ownership of the shares. For the transfer of shares, we needed papers such as dividend checks, KYC records, death certificates for the shareholder and nominee, family members’ waivers of objections, legal heir certificates, and succession certificates.

If the shares are still held by the firm, the procedure is the same as procuring a duplicate certificate for the shares that were transferred to the IEPF. But compared to that procedure, it is less difficult. We speak with the corporation directly to obtain the duplicate shares certificate for this step.

You have the option of transferring the shares and claiming the unpaid dividends after we receive the duplicate shares certificate. To do so, we need dividend checks, KYC documents, death certificates for the shareholder and nominee, no objection certificates from the family members, legal heir certificates, and succession certificates.

If the Legal Heir is Minor:

This is another usual situation that takes a lot of time. If the shareholder has passed away, if the nominee has not objected, then the shareholder’s legal successor may inherit the shares.

More than 50 instances involving the missing share certificates for the deceased shareholder’s shares were handled by MUDS.

Here is how we handle a situation when the legal successor is a minor and the shareholder has passed away.

An individual owns shares of the business Wipro Ltd. When his house was broken into, he misplaced his actual share certificate. Later, he was involved in an accident and later died. His wife, who is the shares’ nominee, came to us with a dividend statement and requested that we register the shares in the name of their minor legal successor.

We requested a duplicate share certificate using the details from the dividend statement. Additionally, we were only permitted to transfer the shares in the minor’s name after the nominee provided a certificate stating that they had no objections.

Even when the shares were moved to IEPF, we were still able to resolve certain issues. If the shareholder is deceased, the procedure will be more common and time-consuming to get a duplicate share certificate for a youngster.

In the Case of the Change of Address:

The majority of stockholders or investors work for the individual companies. When purchasing shares in person, you must present documentation of your address. However, stockholders relocate to a different address as a result of work or company necessity. In such instance, the new address will be different from the one shown on the physical certificate of shares obtained on purchasing the shares.

You can get dividend checks at the new location if you change the new address on your business shares. However, failing to change your address may prevent you from receiving dividend checks and could result in the shares being transferred to IEPF.

CONCLUSION

75% of the cases at MUDS are connected to shares that are transferred to IEPF as a result of the address change.

We advise you to make modifications and update the new address with the shares if you lost your physical shares certificate at the previous location and are now residing at the new address.

If the shares are active with the firm, you may get in touch with them directly to amend your address after which you can get a duplicate share certificate.

It takes a while to update the new address and obtain the duplicate shares certificate if the shares are transferred to IEPF.

You may receive the replica shares certificate from the IEPF with the assistance of MUDS. We have a solid history of updating our clients’ new addresses and obtaining extra shares certificates from the IEPF.

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