Communication to shareholders holding partly paid up equity shares of the company - 3rd notice for payment of allotment money
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National General Industries Ltd has sent its 3rd and final reminder-cum-forfeiture notice to shareholders who have not paid the remaining allotment money on partly paid-up equity shares from its 1995 public issue. Shares were originally allotted on April 1, 1996 at Rs. 15 per share (face value Rs. 10, premium Rs. 5), with only Rs. 5 paid at application. The company is now calling Rs. 10 per share (Rs. 7.50 face value + Rs. 2.50 securities premium), plus 12% interest accumulated from FY 1996-97 to FY 2023-24 (Rs. 33.60 per share), totaling Rs. 43.60 per share. The last date for payment is July 30, 2025, after which the partly paid-up shares (including amounts already paid) will be forfeited. For example, shareholder Chander Mohan (Folio 199) holds 500 partly paid shares and owes the full amount. On payment, shares will convert to fully paid-up and be dematerialized under ISIN INE654H01011 for trading on BSE.
This is a housekeeping action for a 30-year-old public issue and is unlikely to materially affect the stock. Only a tiny pool of shareholders with unpaid 1995 partly paid shares are affected; failure to pay will result in forfeiture of their shares, which may marginally reduce share count.