Full Text
HIGH COURT OF DELHI
Date of Decision: 29th March, 2023
M/S V AND A SOLUTIONS PVT. LTD ..... Petitioner
Through: Mr. Vikas Gupta and Mr. Sohil Sharma, Advocates. (M: 7060079384)
Through: Mr. G.D. Sharma, Advocate for R-1.
JUDGMENT
1. This hearing has been done through hybrid mode.
2. The present petition has been filed seeking directions to the Respondent No.1 - Investor Education Protection Fund (IEPF) to transfer the shares of the Petitioner to its DEMAT Account.
3. Vide order dated 18th January, 2023, this Court observed the following: “12. The Respondent No.1-Investor Education and Protection Fund Authority (IEPFA) is an authority, which has been created under the Companies Act, 2013 to protect the interest of the investors so that the unclaimed shares do not fall into wrong hands and are not misused. The authority has been given the responsibility to hold the shares for and on behalf of the investors. The investor should be able to claim the shares from the authority as per the procedure, which has been prescribed through the portal. However, in order to make it easier for the investors to access and find out if IEPFA is holding any of their shares, on the ground that the same have not been dealt with for more than 7 years and the companies have transferred the same, the IEPFA could consider setting up further measures, which could be investor friendly such as -
(i) Creating a field of SEARCH with the demat account number. By availing this Search facility an investor ought to be able to access information relating to one’s own shares, if lying with the IEPFA.
(ii) Opening of a HELPLINE in the IEPFA, which can be accessed by the investors to find out if any of their shares are lying with the IEPFA.
13. Insofar the Petitioner- M/s V and A Solutions Pvt. Ltd. is concerned, ld counsel submits that since the IEPFA confirms that the shares are lying with it, the Petitioner is willing to take the help of the IEPFA staff and get back the shares.
14. Accordingly, let the Petitioner’s representative visit the Respondent’s office and meet Mr. Arvind Kumar, Junior Technical Assistant, who would assist the Petitioner in seeking re-transfer of the unclaimed shares into its Demat Account.
15. Let the representative of the Petitioner visit the office of the IEPFA on 31st January, 2023 at 3:00 pm.”
4. Ld. Counsel for the Respondent submits that a Compliance Report dated 27th March 2023 has been filed by the IEPFA in terms of the order dated 18th January, 2023. The said compliance report reads as under:- “2. That In reply to para 12 of the order dated 18.01.2023, it is submitted that:
I. A Search facility is already placed on IEPF portal viz www.iepf.gov.in to enable the investors to search unpaid/unclaimed dividend to check the status of the holding of concerned person. The search can be made on the basis of investor name, Folio No & Demat A/c Number.
II. A helpline No 011-23441777/23441729 along with helpdesk is available at IEPFA office at Ground floor Jeevan Vihar Building, 3 Sansad Marg, New Delhi- 110001 where grievance are resolved by the public relation officer.
III. Moreto, a Centralized Public Grievance Redress and Monitoring System (CPGRAMS) portal viz https://pgportal.gov.in/ is also available to resolve the public grievances related to claim or any query related to filing of claim with IEPFA.
IV. Separate help line number and mail also created for senior citizens for speedy and hassle-free disbursal of their queries and claim related grievances.” Insofar as the assistance to be given to the Petitioner is concerned as per para 14 of the above order, the compliance affidavit reads: “3. That in Response to para 14 of the order dated 18.01.2023, it is submitted that:
I. The petitioner visited IEPFA office on 31.01.2023,
08.02.2023, 17.02.2023 and in addition to this also. The Petitioner was accommodated by all levels of department and Head of Department as well for filing of claim and speedy disbursal of the same filed vide SRN: F58451832, F58451899; F58451949.
II. The shares for the claims filed vide SRN: F58451899,
F58451949 & F58451832 already approved on 14.03.2023, 15.03.2023 and 23.03.2023. The same were transferred to the Demat Account Number i.e. IN30021415531155 of the petitioner on 17.03.2023 and 24.03.2023 respectively.
III. Further, the dividend is also approved and processed and the same has been sent at the end of the Respondent no. -1 to the Pay & Account Office, Kendriya Terminal, Church Road, New Delhi for payment to the petitioner. The same shall be transferred shortly to the bank account of the petitioner.”
5. A perusal of the above report reveals that the general compliances as directed are stated to have been undertaken, by providing a search facility as also a helpline. The directions in respect of providing assistance to the Petitioner have also been complied with and the Petitioner’s problems have also been resolved. In view of the above compliance report, no further orders are called for.
6. The petition with all pending applications, if any, is accordingly disposed of.
PRATHIBA M. SINGH JUDGE MARCH 29, 2023 mr/dn