Newspaper publication with respect to transfer of unclaimed dividend and shares to IEPF
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Awaiting price reaction for this filing.
Savera Industries has informed the stock exchanges about publishing notices in Financial Express (English) and Makkal Kural (Tamil) newspapers regarding the transfer of unpaid and unclaimed dividends along with related equity shares to the Investor Education and Protection Fund (IEPF) account. This is being done under Section 124(6) of the Companies Act, 2013 and IEPF Rules, 2017, as the dividends remained unclaimed for seven consecutive years. The filing is made pursuant to Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements. Specifically, unclaimed dividends declared for FY 2017-18 and the underlying shares of shareholders who have not claimed them will be moved to IEPF.
Shareholders who have not claimed their dividends for the last seven years or more risk losing their shares to the IEPF. Affected shareholders should claim their dividends before the deadline to avoid the transfer. This is a routine compliance action and is unlikely to have a material impact on the stock price.