How to deal Non Conversion of 100% shares to Demat due to non response from minority shareholders.

[Arundas Haridas]

Hi,

Company A is a Public Limited registered on 2019, with 7 share holders out of which 3 are promoters. As per the requirements the Company take ISIN and demated the shares of 4 share holders (promoters and directors). Further the company has increased capital and alloted new shares and added new shareholders too. The initial subscriber (3) shareholders holding less than 1% is not opeme demat account and not complied with the procedures even after followups and they were not responding to companies communications. What are your thoughts? whether its a miscompliance if 100% shares are demated? Is there any ways available to forfeit that shares? Or to transfer to IEPF?

[jm sundaram]

Hai,

I personally opine that failure to demat the shares, the shareholder will not be able to sell or dispose off the shares.   In respect of company, when you go in for allottment of Bonus/Rights issue allotment need to be done only in demat form.  It may create operational issues.   If any other point is there, keep me posted.

 

     Sundaram jm

Company Secretary 

LTG Infrastructure Limited

3,4,5 & 6, LTG Tower, IIIrd floor, BDA Outer ring road,

Near Kempegwoda Nagar arch, Laggere,

Bangalore 560058

Phone: 9845875796

On Wed, Nov 30, 2022 at 12:21 PM Arundas Haridas <ar...@accovet.com> wrote:

Hi,

Company A is a Public Limited registered on 2019, with 7 share holders out of which 3 are promoters. As per the requirements the Company take ISIN and demated the shares of 4 share holders (promoters and directors). Further the company has increased capital and alloted new shares and added new shareholders too. The initial subscriber (3) shareholders holding less than 1% is not opeme demat account and not complied with the procedures even after followups and they were not responding to companies communications. What are your thoughts? whether its a miscompliance if 100% shares are demated? Is there any ways available to forfeit that shares? Or to transfer to IEPF?

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