Dividend/ Shares

Pursuant to Regulation 39(4) of Listing Regulations read with Schedule VI of the said Regulations, Company has dematerialized the shares which had returned undelivered by postal authorities and lying unclaimed with the Company.

The dematerialized shares are held in the Company’s ‘Unclaimed Suspense Account’ (Suspense Account) opened with Kotak Securities Limited. Voting rights of these shares remain frozen till the rightful owner claims these shares.

Further, corporate benefits accruing on these shares, viz., bonus shares, split etc., shall also be credited to the Suspense Account. Upon completion of a period of seven years, the shares along with corporate benefits shall be transferred by the Company to Investor Education and Protection Fund (IEPF), in accordance with the above regulations.

Details of shares held in the Suspense Account for the period under review is as under:

The Company's shares are traded in dematerialised form. The Company has established connectivity with both the Depositories viz., National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through the Registrar, Karvy Fintech Private Limited.

As at March 31, 2019, 99.83% of the paid-up share capital of the Company representing 89,396,070 shares has been dematerialised and balance 0.17% representing 153,406 shares of the Company is in physical form.

Updation of PAN and bank details of shareholders

Pursuant to SEBI circular bearing reference SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 dated April 20, 2018, the Company through its Registrar and Transfer Agents has initiated collection of copies of PAN and bank account details of the shareholders holding shares in physical form.

In this connection, Company has sent reminders to shareholders holding shares in physical form, requesting them to register/ update their PAN and bank account details. For ease of shareholders and effective updation, Company has provided postage paid/ pre-paid Business Reply Envelopes (BRE).

SEBI restriction on transfer of physical shares

SEBI vide its Notification no. SEBI/ LAD-NRO/GN/2018/24 has notified that with effect from December 5, 2018, except in case of transmission or transposition of securities, requests for effecting the transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository. Listing Regulations are appropriately amended to this effect.

In other words, there will not be any transfer of physical shares after 5 Dec 2018.

The said measure of SEBI is aimed at curbing fraud and manipulation risk in physical transfer of securities by unscrupulous entities. Transfer of securities only in demat form will improve ease, convenience and safety of transactions for investors.

Shareholders who continue to hold shares in physical form are advised to dematerialize their shares at the earliest. For any clarification, assistance or information relating to dematerialization of shares – members may contact the Company’s RTA.