MANNER OF DEALING WITH UNCLAIMED SHARES
[See Regulation 39(4)]
A. The listed entity may delegate the following procedural requirements to a share transfer agent.
B. Reminders to be sent
1. The listed entity shall send at least three reminders at the address as mentioned below:
a. For shares in physical form, reminders shall be sent to the address given in the application form as well as last available address as per listed entity’s record.
b. For shares in demat form, reminders shall be sent to the address captured in depository’s database or address given in the application form, in case of application made in physical form.
C. Procedure in case of non receipt of response to reminders
1. For shares in demat form, the unclaimed shares shall be credited to a demat suspense account with one of the Depository Participants,opened by the listed entity for this purpose.
2. For shares in physical form, the listed entity shall transfer all the shares into one folio in the name of “Unclaimed Suspense Account” and shall dematerialise the shares held in the Unclaimed Suspense Account with one of the Depository Participants.
3. The listed entity shall maintain details of share holding of each individual allottee whose shares are credited to such demat suspense account or unclaimed suspense account, as applicable.
4. The demat suspense account or unclaimed suspense account, as applicable shall be held by the listed entity purely on behalf of the allottees who are entitled to the shares and the shares held in such suspense account shall not be transferred in any manner whatsoever except for the purpose of allotting the shares to the allottee as and when he/she approaches the listed entity.
Provided that all such shares, in respect of which unpaid or unclaimed dividend has been transferred under Section 124 (5) of the Companies Act, 2013, shall also be transferred by the listed entity in accordance with Section 124 (6) of the Companies Act, 2013 and rules made thereunder.
D. Procedure in case of claim by allottee
1. As and when the allottee approaches the listed entity, the listed entity shall, after proper verification of the identity of the allottee either credit the shares lying in the Unclaimed Suspense Account or demat suspense account, as applicable, to the demat account of the allottee to the extent of the allottee’s entitlement,
E. Dealing with Corporate Benefits (in terms of securities accruing) and Voting Rights on such Unclaimed Shares
1. Any corporate benefits in terms of securities accruing on such shares viz.bonus shares,split etc., shall also be credited to such demat suspense account or unclaimed suspense account, as applicable for a period of seven years and thereafter shall be transferred by the listed entity in accordance with provisions of Section 124(5) read with Section 124 (6) of the Companies Act, 2013 and rules made thereunder.
2. The voting rights on such unclaimed shares shall remain frozen till the rightful owner claims the shares.