Recover Unclaimed Bajaj Finance Shares from IEPF
The Government of India introduced the IEPF with an aim to address the soaring issue of people forgetting their shareholdings in a company. This plan was launched to ensure protection of interest of investors and spread awareness amongst them.
The Government takes care of all unclaimed dividend and lost shares transferred to IEPF on behalf of the legal shareholders. The major reason behind shares remaining unclaimed year after year is people forgetting about owning the shares! How can one forget about their own investments?
Here are some reasons why this happens!
- Investors tend forget to appoint a nominee for their shares. The heirs do not even know about any such ownership. Ultimately, the shares remain deserted.
- Since the amount invested in shares is small, investors forget about it.
- In some cases, the shares become a part of court’s proceedings by being involved in property disputes. Under such circumstances, the shares remain ownerless till the final verdict of court.
Before IEPF
When IEPF was not introduced, the companies transferred the unclaimed dividends and unclaimed shares to the government funds. The Government used these funds under various public welfare schemes. The funds were also used for several developmental works.
Later on, the Government realized huge losses suffered by investors and decided to set up the IEPF. This served as a platform for investors where they can approach the government to claim their dividends. They can also get refund their long-forgotten shares. IEPF allowed investors to claim their dividends and shares from the fund manager. All they needed to do was to apply to the managing authority. People can now claim their dividends and shares of various companies through a single platform instead of reaching out to each company individually.
Unclaimed Shares & Unclaimed Dividend Transferred to IEPF
So what happens to the shares and the dividend transferred to the IEPF? Will the investors lose all rights over their dividend income and shares?
Before the establishment IEPF, the dividend amount and the shares were transferred to the Government. This made a shareholder lose all rights over the dividend funds. Introduction of IEPF helped shareholders retain their right over the dividend amount and shares transferred to the IEPF Account. A simple application to the fund manager of the IEPF will help retaining these rights.
Reputed companies like Bajaj Finance Ltd. send individual letters, through posts and various other modes of communication to intimate shareholders about their holdings in the company. Their team will give a reminder to shareholders to make timely claims for their dividends. Once transferred to the IEPF, the process of recovering shares may become tough.
The overall refund procedure followed by the fund manager is time-consuming. A thorough scrutinization of all the applications are done to ensure the refund reaches the rightful owner. Hence, Bajaj Finance Ltd. recommends shareholders to claim the dividend from the company itself. The process is quick and easy. Shareholders can submit their application to the Company’s Registrar or the Transfer Agent to claim the dividends.
In case, the shares are already transferred to the IEPF, simply approach the Nodal Officer of the company. You can send an email to the concerned authority.
Legal Help
The tricky application of claiming the refund of lost shares and unclaimed dividends from the IEPF Authority make consume a lot of time and efforts. It also demands a certain degree of technical knowledge. Hiring legal help can save you from a lot of headache. It is also helpful for recovering shares involved in a family dispute. Experienced lawyers are aware of all the laws and nitty-gritty of the loopholes involved around the distribution of the family assets.
If you need any assistance for recovering unclaimed Bajaj Finance shares from IEPF Authority then contact us today.
