CALCUTTA, January 29: Shares intercepted illegally in the post are now going on foreign trips also. A Calcutta-based shareholder who mailed some share certificates to her company's share department in Mumbai has been informed that 150 shares have been registered in the name of a Dubai-based entity and a person in Patna instead of her son, the intended transferee.Nabodita Banerjee, a shareholder of Hindustan Lever Ltd, had transferred seven original certificates representing 175 equity shares in her son Indranil's name. She sent the certificates by registered post.
When she checked back with the company, she was told that the certificates had been transferred in the name of one Ramesh Kumar Agarwal and the Abu Dhabi Investment Authority. It also told her that 25 shares are yet to reach the company.
At current prices, 175 shares of HLL are worth around Rs 2.30 lakh. HLL directed her to lodge a complaint with the Calcutta police and send them a copy. When Banerjee complied, HLL told her that to approachthe CLB if the share certificates are not returned.
A Calcutta-based company secretary said it is not possible for the share department of any company to refer back to the transferor in case of each share sold or transferred. Usually, the transfer is given effect if the signature of the transferor apparently tallies.
However, he said illegal interception of shares has become a regular feature when sent by post. He said shareholders have little option but to either deliver their share certificates by hand or send them by courier.
He pointed out that once the share transfer is made, there is no option but to approach the CLB for redressal. This will take anywhere between six months and two years, he added.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
