Shareholder’s Name Change Requisites & Procedures

12 Dec Shareholder’s Name Change Requisites & Procedures

Background

Scenario 1:
There was a time in the past during which period people preferred to invest in large number of companies that issue ‘Initial Public Offer’ (IPO) because as the company’s grow bigger there would be better capital appreciation. But IPO’s were allotted on a rationed basis and individual are not encouraged to submit multiple applications. In most cases the subscriptions to offer would be 3 times to 10 times. This means that not everyone would get allotment of shares. It would be on a lot basis. So, in order to ensure shares are being allotted, the applicants used to apply multiple applications under different names interchanging their first name, last name, middle name. There would be occasions they would do so even by skipping any of the first, last or middle names. In addition, in those days since shares were traded in physical form, there was always typo errors of shareholder’s name and address. Mostly it would all be due to handwritten application and human errors due to legibility of the hand writings. Those investors who stood invested on these shares for a long period of time without the knowledge that this would be leading to cumbersome process while trying to monetarize it, they had been sitting in a time bomb. This scenario warrants a name change in line with the PAN Card, Aadhar Card, Ration Card, Passport or any other documents considered as valid proof of actual true name of the Shareholder. This would require a Notarized Name inconsistency Affidavit.

Scenario 2:
It is customary in India that whenever a woman is married, she would relinquish her Father’s name as Initial / Second Name and take her husband’s name as Initial / Second Name. Thus, a woman who owns shares before her marriage would have to undergo a name change in company records in order to process the shares in future. Again, valid documents as mentioned above along with marriage certificate would be required to do a Name Change. This would require a Notarized Name Change Affidavit.

Scenario 3:
In India, Nameology & Numerology is widely believed and practiced. In order to get good luck in life, business and to achieve any targeted happening and to eliminate bad times people do change their names based on Nameology science and horoscope. People who thus change their names need to apply in Indian Gazette for a name change certificate and get it published in a National Newspaper.

Name Change Requisites & Procedures:

Scenario 1:

1. Name Inconsistency Affidavit executed in a Non judicial stamp paper in the name of the applicant.
2. Duly attested and notarized.
3. Self-Attested Name proof document such as
   1. PAN Card
   2. Aadhar Card
   3. Ration Card
   4. Passport
   5. Driving License
   6. Bank Statement duly attested Bank authorities

Scenario 2:

Scenario 3: