Petronet LNG has informed shareholders about the compulsory transfer of unpaid and unclaimed dividends to the Investor Education and Protection Fund (IEPF). This includes the final dividend for the financial year 2018-19 and the special interim dividend for 2019-20.
According to the Companies Act, 2013, and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, any unpaid dividend remaining unclaimed for seven years must be transferred to the IEPF. Additionally, shares associated with unclaimed dividends for seven consecutive years are also subject to transfer to the IEPF account.
Petronet LNG has made available the details of shareholders with unclaimed dividends and shares liable for transfer on its website. Shareholders have been periodically reminded to claim their dividends and shares. The company has already transferred unclaimed dividends up to the special interim dividend for FY 2018-19 to the IEPF.
The dividends for FY 2018-19 and FY 2019-20 are due for transfer to the IEPF in compliance with the Companies Act, 2013. Shareholders who have not encashed or claimed their dividends for seven consecutive years will have their corresponding shares transferred to the IEPF’s Demat Account.
To claim unpaid or unclaimed dividends, shareholders must ensure their bank details are registered correctly with their Depository Participant or with the Registrar and Share Transfer Agent, M/s Bigshare Services Private Limited, in case of physical shareholding.
Petronet LNG has outlined the procedure for claiming dividends and shares from the IEPF Authority. Shareholders can claim their unclaimed dividends by submitting a duly filled and signed Letter of Undertaking along with the required documents to the Registrar and Transfer Agent.
The company has urged shareholders to claim their unpaid or unclaimed dividends by the specified deadlines to avoid transfer to the IEPF. In case of any queries, shareholders are advised to contact the Registrar and Transfer Agent or the company directly.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).