Reminder Letter sent to Shareholders regarding Transfer of Equity Shares to the Demat Account of the IEPF Authority.
SOMANYCERA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Somany Ceramics has sent a reminder letter to shareholders whose equity shares are liable to be transferred to the Investor Education and Protection Fund (IEPF) Authority's demat account. Under Indian company law, shares of shareholders who have not claimed dividends for seven consecutive years are required to be transferred to the IEPF. The reminder is a final notice asking concerned shareholders to update their KYC details and claim pending dividends before the transfer takes place. Shareholders whose shares get moved to IEPF can still reclaim them by applying to the IEPF Authority, but the process can be lengthy. This is a routine compliance announcement required under SEBI and MCA rules.
This is mainly informational and unlikely to affect the stock price. Shareholders who haven't claimed dividends for several years should act quickly by contacting the company's registrar to avoid losing ownership of their shares to the IEPF.