Reliance Industries to transfer unclaimed shares to government fund
Reliance Industries Limited (RIL) has publicly announced its decision to transfer unclaimed shares to the Investor Education Protection Fund (IEPF), which is managed by the central government. The company issued a notice on Friday, stating that shareholders who have not claimed dividends on their RIL shares for seven consecutive years or more will see their shares transferred. This move is in compliance with requirements set out by the Ministry of Corporate Affairs.
Deadline set for shareholders to claim unclaimed dividends
RIL has set a deadline of August 26, 2024, for shareholders to claim their unclaimed dividends. The company stated, "In case the Company does not receive any communication (claiming the unclaimed/unencashed dividend) from the concerned shareholders on or before August 26, 2024, the Company shall dematerialize and transfer the shares to IEPF Authority by way of corporate action as per procedure stipulated in the Rules."
RIL's previous transfers and future plans
Reliance Industries has already transferred all shares with unpaid or unclaimed dividends for the financial year 2015-16 or before to the IEPF. The company has individually communicated with shareholders whose shares are liable to be transferred during the financial year 2024-25. A dedicated webpage has been created by RIL for shareholders to check if their shares are eligible for transfer.
Claiming transferred shares from IEPF Authority
Even after shares have been transferred to the IEPF, they can still be reclaimed. According to RIL's FAQs, shareholders can claim their shares by submitting an online application in Web-Form IEPF-5 available on the IEPF website. This application can also be made by any successor, legal heir or representative of a deceased person.
