Golden Egg – Reclaiming forgotten shares in listed companies

Posted by GoldenEgg on August 28th, 2019

Forgotten or Unutilised Wealth There is staggering amount of unclaimed wealth is wasting out there in India. Unclaimed dividend alone runs into 1000s of crores of rupees. Translated, actual value of shares not available as disposable wealth to the rightful owners may well be over Rs.30,000 Crores! This is not all. Add Insurance, Fixed Deposits and Mutual funds. The figure you might arrive at is truly mind boggling.We at GoldenEgg, an initiative of SMB Enablers Private Limited, Chennai, are determined to reach this unutilised or lost wealth to the rightful owners. Why has it happened in the first place? Companies need to be notified of changes. In the world of Demat Accounts with nomination it is automatic. In the world of paper shares there are scores of reasons why shares fall out of horizon. This can be because the company may not have been notified or there are extraneous reasons:Education and Protection Fund (IEPF) maintained by Ministry of Company Affairs, Government of India. Last seven years dividends still lie with the companies in a separate account. It is an ordeal to receive the dues from the companies for a common man. Things have just got worse. IEPF Amendment Rules 2017 has made transfer of shares to IEPF mandatory if dividends were not claimed for seven years. In other words, before you know it, your shares will belong to the Government and Dividend, Bonus and Splits on your share with obviously accrue to the Government. Now, one has to deal with two agencies – IEPF and Company. Already complicated procedure has complicated further. Now is the time to act. May be, you need a professional agency. May be, you need the “Golden Egg – Harnessing Forgotten Wealth” by SMB Enablers. So, what do you offer? We will work towards collecting everything that is legally yours, whether it is with the company or IEPFHowever, there are a few expenses that will have to be met by the client upfront.