IFGL Refractories Limited has informed the Exchange regarding 'Transfer of Equity Shares of the Company to Demat Account of IEPF Authority following provisions of Section 124(6) of the Companies Act, 2013 read with Rule 6 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016'.
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IFGL Refractories has informed the stock exchange that certain equity shares of the company have been transferred to the demat account of the Investor Education and Protection Fund (IEPF) Authority. This action is taken under Section 124(6) of the Companies Act, 2013, read with Rule 6 of the IEPF Rules, 2016. Typically, shares get transferred to IEPF when dividends on them have remained unclaimed for seven or more consecutive years. The specific number of shares and names of shareholders affected were not disclosed in this announcement.
This is a routine regulatory disclosure and does not affect the company's operations or financials. Shareholders who have had their shares transferred can still reclaim them by filing an application with the IEPF Authority, so there is no permanent loss.