Unclaimed dividends

This query is : Resolved 
 

(Querist)
15 October 2015

Hello Experts,

I have a basic query about claiming dividends beyond the usual deadline of 3 months. Let me elaborate a little more:
I have dividends (cheques) that are dating back to 2012. For some reasons, I could not deposit them in 2012. These cheques are not valid beyond 3 months after the date of issue..so I am unable to deposit them now (2015).

What should I do to claim these dividends?



P. Venu (Expert)
16 October 2015

You can return back the cheque and get them revalidated/reissued.

Rajendra K Goyal (Expert)
16 October 2015

Return thew cheques to the company with a request to send new cheques.

SuperNuvos (Querist)
16 October 2015

Dear P.Venu and Goyal ji,

Thanks for your timely advise. There is another doubt that we are having. The shares were in my uncle's name and he expired recently. He is survived by this wife and 2 children (adults).

In this case, can we request the companies to transfer the shares in the name of my uncle's wife?

SuperNuvos (Querist)
16 October 2015

Re-opening the query

Anirudh (Expert)
17 October 2015

1. For getting transfer of the shares from the name of the deceased to his wife's name - first you have to obtain Succession Certficate from the court of competent jurisdiction. Needless to say that Succession Certificate will contain the name of all the children of the deceased also besides his widow. Therefore the other legal heirs (i.e. the children) have to give a No Objection Certificate to the Company. Only on the basis of the succession certificate and NOC, the shares will be transferred to the name of the wife.

ADV-JEEVAN PATIL, MUMBAI (Expert)
17 October 2015

Write to co for revalidation of cheques



Guest (Expert)
17 October 2015

Your first question was about your own unclaimed dividend, but your second question is about transmission of shares of your deceased uncle. What exctly is your problem?

SuperNuvos (Querist)
18 October 2015

Thanks all for sparing time for my query.

@Anirudh, Jeevan ji: Do we have to produce succession certificates always? Do the companies accept any kind of affidavit from my uncles's successors?

@PS Dhingra: Sorry for the confusion. I have been posing these queries on behalf of cousins (Uncle's children)

Anirudh (Expert)
18 October 2015

First write to the Company requesting for transmission of shares.

The Company will respond, and act accordingly.



Guest (Expert)
18 October 2015

Two separate issues can't be clubbed together. At first transmission of shares on the basis of succession certificate is required to be made. Only thereafter claim divident in the name of the successor.

K.S.Srinivas (Expert)
20 October 2015

I agree with Sri Anirudh.

T. Kalaiselvan, Advocate (Expert)
21 October 2015

Your both the queries have been addressed well by experts. I concur with their views.



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