Recovering Your Unclaimed Dividends from Eicher Motors Limited
Have dividend warrants issued to you by Eicher Motors remained encashed over the years? As an investor, it may be concerning to discover dividends paid out by a company have accumulated without you claiming them.
By law, dividends that are not claimed by investors for a period of seven consecutive years have to be transferred by the company to the Investor Education and Protection Fund (IEPF) administered by the Ministry of Corporate Affairs. This prevents companies from enjoying unpaid dividends indefinitely.
As a rightful investor or shareholder who did not receive dividends declared by Eicher Motors in the past years, you can recover the money through a simple due process laid out. We provide a step-by-step guide on how to claim back unpaid dividends on your equity shares that now reflect in the IEPF.
Why Do Companies Transfer Unclaimed Dividends to IEPF?
The Investor Education and Protection Fund has been established under Section 125 of the Companies Act 2013 for promotion of investor awareness and protection of their interests. All companies have to mandatorily transfer dividends that have remained unpaid or unclaimed for a period of seven consecutive years from the dates they became due, to the IEPF.
This applies for dividends against shares held both in demat or physical mode. Companies also have to transfer corresponding shares on which dividends haven’t been claimed for seven straight years to the demat account of the IEPF Authority. The idea is to prevent misuse of investor money and shares. Rightful shareholders can however claim refund at any time in the future as per due process.
How To Check If Your Eicher Motors Dividends Are Transferred To IEPF
Before initiating the claim process, you need to first check if unpaid dividends on your equity shares of Eicher Motors are indeed transferred to the IEPF. This can be verified through the following options:
1. Check the company website – Eicher Motors Limited uploads details of unclaimed dividends and shares transferred to IEPF annually on its website around September. You can check if your name features in it.
2. Check IEPF website – The IEPF Authority publishes a consolidated statement of unclaimed amounts and shares credited to it from companies annually. You can look up your name or jointly held names using the search functionality.
3. Check your demat/broking account – For shares held in demat form, cross verify from your depository participant if the shares continue to be credited in your demat account or have been transferred.
4. Speak to the company investor relations team – Eicher Motors Limited has a dedicated investor contact email ID and phone number. You can check directly with them on the status of unclaimed dividends against your registered folio.
How To Claim Back Unpaid Dividends On Shares of Eicher Motors Limited
If you find unpaid dividends on your Eicher Motors Limited equity shares have indeed been transferred to the IEPF, you can file an online application to claim a refund. Follow these step-by-step procedures:
Step 1: Obtain IEPF-5 e-form
The refund application has to be made using the common web-based form IEPF-5 available online. Download Form IEPF-5 from the MCA website or portal of the IEPF Authority at www.iepf.gov.in. Read all instructions carefully before filling.
Step-2: Fill details in the IEPF-5 form
The IEPF-5 form has various sections that need to be filled by providing accurate details of the original shares / dividends, mode of holding, amount of claim etc. Use your Folio number / Client ID / DP ID to establish ownership. Ensure name, address, contact information is correctly provided.
Step 3: Attach necessary supporting documents
Along with the duly completed IEPF-5 form, you need to furnish the following documents:
– Self-attested copy of PAN card
– Self-attested copy of Aadhaar Card
– Client Master list if shares held in demat mode
– Details of postal address with Pin code for despatch of cheque when amount is refunded.
Step 4: Sign and submit form IEPF-5 and documents
Generate OTP to complete the digital signature process for Form IEPF-5. Take a print-out of the completed form and required attachments. Submit signed form and documents to Nodal Officer, Ms. Bharati Rajgarhia, Company Secretary of Eicher Motors Limited. Send by registered post or submit in-person at the company head office.
Step 5: Claim verification by Eicher Motors Limited
Once your claim application is received in form IEPF-5, Eicher Motors Limited’s nodal officer will verify all details given against company records. The form and attachments submitted may be returned if information is incomplete or inaccurate. Ensure you have provided the latest contacts for communications.
Step 6: Claim registration and approval
After verification, your claim will be approved and the amount refunded will be transferred online to your bank account linked with Aadhaar. For speedy processing ensure your Aadhaar is linked to bank details. You will also receive acknowledgement of transfer via SMS and email from IEPF.
Some key rules regarding IEPF dividend claims processing:
– No limit on amount you can recover as rightful shareholder
– Nominees or legal heirs can also apply if original investor deceased
– Can only claim your own dividends – joint holders have to apply separately
– Refunds of unclaimed dividends fully exempted from income tax deductions
Professional Assistance for Recovering Your Equity Shares from IEPF
Have your hard-earned shares in companies like Eicher Motors been transferred by them to the Investor Education and Protection Fund (IEPF) due to non-encashment of dividends? Getting back these shares often involves cumbersome paperwork and liaising with multiple authorities.
This is where MUDS, a specialist IEPF claims processing company can help. MUDS Management has an experienced team focused exclusively on assisting investors recover shares transferred to the IEPF Authority under various rules and amendments of the Companies Act.
Understanding Share Transfer to IEPF
As per law, if an investor fails to claim dividend on their equity shares for a consecutive 7 years, such shares are liable to be transferred to the IEPF. The shares get credited to the Authority’s demat account from the investor’s demat account. The IEPF also inducts physical share certificates lying unclaimed based on specific notifications.
The IEPF consolidation of unclaimed shares and dividends prevents misuse by companies and aims to protect investor interest. However, the rightful investor or legal heir can recover their shares at any time in the future as per due process from IEPF.
Assistance across all stages of Share Recovery
The process of recovering shares from IEPF involves accurately filing an IEPF-5 form along with attachments, following up continually and complying with all stipulations till shares get credited back to the investor’s account. The MUDS team with its specialized expertise on IEPF claims process provides end- end assistance:
1. Assistance in Paperwork
– Helping investors fill IEPF-5 form correctly without any data mismatches
– Guiding investors on specific documents needed to support claim
– Assisting in annexures like indemnity bonds, affidavits etc. as applicable
– Ensuring completeness of all paperwork as per rules
2. Liaising between Investor & Company
– Submitting collated forms & documents to the Nodal Officer
– Promptly assisting Nodal Officers in verifying details shared
– Ensuring seamless approval by resolving any open queries
3. Following up on Claim Status
– Constantly tracking claim status post submission to IEPF
– Highlighting and providing any additional information sought
– Proactive coordination with IEPF officials for faster processing
4. Smooth Delivery of Shares post Approval
– Ensuring company immediately transfers shares from IEPF demat to investor account
– Updating investors on credit of shares to their demat account
The MUDS team works closely with investors through every leg of the share recovery process ensuring maximum probability of success based on their extensive experience of managing over 15,000 claims with the IEPF worth over Rs 200 crores.
Why Choose Professional Help from MUDS?
Recovering shares transferred to the IEPF requires diligent coordination between company officials and IEPF authorities along with accurate paperwork. Doing this yourself can be complicated for retail investors. Seeking help from MUDS Management comes with several advantages:
– End-to-end assistance by specialists
– Proven success record of over 15,000 clients served
– Process expertise helping overcome rejections or delays
– No charges levied from investors for services
– Saving time and efforts involved for investors
The MUDS team works assiduously to make the share recovery journey smooth through constant monitoring and follow ups based on their deep understanding of the process having handled thousands of IEPF claims over the years.
Empower Yourself through Share Recovery!
Don’t let your hard-earned shares remain outside your reach just because dividends went unclaimed over time. Share recovery from IEPF is now a transparent online process and seeking help from specialists like MUDS Management ensures no complexities can stop rightful investors from getting back their equity shares along with unpaid dividends.
Reach out to the MUDS team today by email [email protected] for assured assistance in redeeming your shares transferred to the Investor Education and Protection Fund.
1. Recovering Ancestral Shares
Mumbai-based Radhika Joshi was trying to redeem 500 shares of Eicher Motors that were purchased by her late grandfather in the 1980s and handed over to her father who forgot to collect dividends over time. She learnt the shares were transferred to IEPF. Despite applying herself twice using the e-form, it got rejected due lack of clarity on documents.
She then took help from MUDS who ensured her third application had a crystal clear paper trail establishing her family’s ownership. Their liaison with the Eicher Motors nodal officer facilitated smooth verification and within 2 months her shares were recovered. “I have now dematerialized the shares into my demat account. Thankful to MUDS for their support,” says Radhika.
2. Retrieving Jointly Held Shares
Ahmedabad retirees Rajesh Shah and wifeSheela had jointly inherited 200 shares of Eicher Motors. The dividend warrants dispatched went uncashed as they were shifting cities after retirement. Later the company transferred these shares to IEPF given 7-year dividend non-payment.
Rajesh approached MUDS who advised Sheela and him to apply separately with a proper paper trail of being joint holders earlier. MUDS guided them on correctly filling forms and coordinated with the Eicher nodal officer for scrutiny. Within 45 days their individual shareholding was credited back, which they promptly dematerialized.
3. Recovering Lost Shares For Medical Needs
As a college student Ankit Sharma had bought 250 shares of Eicher Motors in 2008 using his pocket money with help of his father. Subsequently he relocated abroad for a job ignoring the annual dividends in small amounts. Years later when he needed funds for a surgery, he found from his father that the company had transferred the shares to IEPF.
Ankit approached MUDS who immediately helped him file for refund claim though the shares were credited to IEPF long back. Their team precisely handled all documentation and within 40 days facilitated credit of Ankit’s shares to his demat account, which he could liquidate for his treatment.
These examples showcase how MUDS Management has helped numerous investors recover shares seamlessly by assisting at every stage, leveraging their experience of handling IEPF claims worth over ₹200 crores so far.
In Conclusion..
Don’t let hard earned dividends on your Eicher Motors Limited shares remain outside your reach just because warrants went uncashed over time. Follow the transparent online process correctly and ensure coordinating with company officials for the fastest refund into your bank account directly. Act today to recover what is rightfully yours!
Frequently Asked Questions on Recovering Shares Transferred to IEPF
1. What constitutes shares getting transferred to IEPF?
If dividend is not claimed on company shares for a consecutive period of 7 years, such shares are liable for transfer to the Investor Education and Protection Fund (IEPF) set up by MCA. This applies to shares in demat or physical mode held by individuals or jointly. Companies have to mandatorily transfer unpaid dividends and corresponding shares to IEPF periodically.
2. When did mandatory share transfer to IEPF come into effect?
While unclaimed dividends had to be transferred to IEPF since 1999 as per Section 205C of the Companies Act, 1956, transfer of corresponding shares by companies was made effective from December 2016. This ensured investors can still claim back their shares at a later date.
3. What types of shares are transferred to the IEPF demat account? Do banks also transfer shares to IEPF?
Shares held by investors including individuals, HUF, partnership firms etc. are transferred to IEPF. Various categories are: equity shares, preference shares, equity & preference shares. Banks only transfer unclaimed deposit proceeds to RBI and not shares to IEPF. Only companies transfer shares.
4. How long can shares remain unclaimed before being transferred to IEPF?
If dividend on shares has remained unclaimed by investor(s) for a total and continuous period of 7 years from the date it first became due for payment, such shares have to be transferred to IEPF by the company.
5. Are shares of only dividend paying companies transferred to IEPF?
No, even shares of non-dividend paying companies which have declared dividends in the past get transferred to IEPF provided dividends for 7 straight years remain unpaid to shareholders. Equity or preference shares qualify for transfer.
6. Do shareholders receive transfer intimation from companies before shares being transferred to IEPF?
It is mandatory for companies to individually communicate transfer intimation to concerned investors who haven’t claimed dividends for a specified period at their registered address prior to transfer event. Intimations are also published in newspapers and company websites. Such details form part of the company annual report uploaded to the MCA website.
7. How do companies actually transfer shares to IEPF and when does this happen?
Based on scrutiny of dividend payment records, shares of non-claiming shareholders usually get transferred to designated demat account of IEPF Authority on a periodic basis by companies via corporate action processed through depositories. The transfer transactions get reflected in investor account statements from their depository.
8. Do only resident individual shareholders’ shares get transferred to IEPF or is it also applicable for other categories?
The amended rules cover transfer of all categories of shares to IEPF held by retail shareholders – individuals, HUF, partnership firms, inactive companies, deceased etc. It excludes only government companies or corporations from scope of these share transfers.
9. What happens to jointly held shares in case dividends remain unpaid to all joint holders?
In case of joint shareholding, companies have to ensure giving intimation at registered address prior to transfer. If the dividend remains unclaimed for a specified period by all joint holders jointly, such shares are also liable for transfer to IEPF in entirety.
10. Can shares held by Nominees & Legal Heirs also get transferred by companies to IEPF?
If the original shareholder expires and shares get transmitted to Nominee(s) or Legal Heir(s), the unpaid dividend criteria still applies. If such successor legal owners also fail to timely claim dividends post-transmission for a continuous 7 year window, such transmitted shares are liable for transfer to IEPF.
11. Is there any limit on the number of shares that can be transferred to IEPF by Companies?
No upper limit is prescribed in the rules. The entire shareholding in the company (whether fully or partly paid-up) has to be transferred to IEPF Account in one or multiple tranches based on unpaid dividend criteria without any ceiling prescribed on the number of shares transferable.
12. Is transfer of shares held in physical share certificates to IEPF handled differently than demat shares?
There is no differential process defined. Companies necessarily have to first dematerialize such physical share certificates into demat form before then getting transferred to designated IEPF demat account on completion of mandated non-dividend payment period.
13. Can IEPF claim shares held beneficially by investors when the same have been dematerialized by some other entity for mala fide purposes?
In case it comes to light that shares were held beneficially by investors but fraudulently transferred or dematerialised by someone else for transferring to an account not belonging to the actual investor, the reclaim process has to be pursued by the concerned investor. Nodal Officer along with Depository has power to annul wrong transfers based on conclusive evidence. MUDS helpline can provide guidance.
14. What happens to corporate benefits like bonus & split shares on IEPF transferred shares? Who becomes entitled?
Once investor shares are transferred to the IEPF, any accruing corporate benefits like allotment of bonus, split, merger etc. will automatically get credited only to the IEPF demat account in compliance with the transfer of underlying original shares. The investor has to pursue a reclaim process to get back entitlement.
15. Why has the number of shares reflected in my demat account reduced suddenly?
Do cross-verify from Depository Participant whether the reduction in number of shares was on account of debit by company Registrar for transfer to IEPF. This could be the case if dividends were unpaid for said shares by the investor for the continuous 7 year period cutoff. Obtain the latest statement and check.
Reach out to MUDS for assistance on getting back shares transferred to IEPF or any other queries that you may have w.r.t the IEPF share transfer and claim process.