Share holder migrated to the US in the late 1980s,
He invested shares in a blue-chip company. Just one share is valued at Rs 1.50 crores,
The shareholder had only the certificates with Rs 10 face value.
The company had issued split shares and then the bonus. He had none of them.
He had unclaimed dividends and our enquiry took us offshore to America.
Our enquiry with the Registrar and the company revealed that split and shares were sent to the last known address as per records and they have, in fact been received by someone. Hence all formalities with respect to lost shares have to be followed.
He is our oldest living client. At the time of signing he was 92.
Given the complexity we thought the first thing to do is to make someone, a nominee. Once there is a nominee, there is no need of a succession certificate, God forbid, should something happen to the original shareholder
We discussed with the family, appraised them of the implication, made them select one nominee. His daughter who is also in America was selected.
We then preferred an application and made her the nominee.
Once she was a nominee, we went ahead with the formalities to obtain duplicate shares.
Meanwhile we have made status change notification for the shares and got all the pending unclaimed dividends to his NRO account
Now the process of claiming unclaimed shares is on and we will soon be signing off.