Indian Oil to transfer unclaimed shares of investors to govt fund by this date: How to check if your name is on the list

Make sure you have claimed and received any dividends from Indian Oil Company, if you own any shares of the company. If you haven't claimed dividends on Indian Oil shares for seven consecutive years or more, the shares will be moved to a government fund.

Indian Oil, via a public notice dated June 27, 2024, informed its shareholders that these shares will be transferred to the Investor Education and Protection Fund (IEPF) Authority which falls under the Ministry of Corporate Affairs (MCA).

The rules state that any shares pertaining to which a dividend has not been claimed for seven years in a row must be transferred to the Investor Education and Protection Fund.

According to the Indian Oil public notice, “The shareholders who have not claimed the final dividend for 2016-17 and all other dividends declared by the company for 7 consecutive years thereafter, the shares held by them are liable to be transferred to the IEPF after 02.10.2024. The Company has sent individual communication on 21.06.2024 to those shareholders at their latest available address.”

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Where to check the name

Indian Oil has posted the names of such shareholders, as well as information about shares that are set to be transferred to IEPF, on its website, www.iocl.com. Shareholders can visit https://iocl.com/transfer-of-equity to verify the information of the shares that will be transferred to IEPF.

What is the last date to claim shares before transfer

According to Indian Oil, “Notice is hereby given to all such shareholders to make an application along with appropriate documents to the Company / Registrar & Transfer Agent ("RTA") viz. KFin Technologies Ltd. by August 31, 2024 for claiming the unpaid final dividend for the year 2016-17 onwards so that the shares are not transferred to the IEPF.”

How to check your name on Indian Oil website

To check the details of unclaimed, unpaid dividend lying with IndianOil, investors are requested to input the following details pertaining to their shareholding:
Top of Form
Bottom of Form
Step 1 Visit https://iocl.com/dividend-information
Step 2: Enter folio number if it is physical form, if it is in demat form, enter Demat Accout No.(16 Digit) and CDSL - 16 digit client ID.
Step 3: Click on Search.

What happens after August 31

It may please be noted that if no reply is received by the Company or the RTA by 31.08.2024 the Company will be compelled to transfer the above mentioned unpaid dividend and shares to the IEPF, without any further notice and no claim shall lie against the Company. The shareholders holding shares in physical form and whose shares are liable to be transferred to IEPF authority, may note that upon such transfer the original share certificate(s) lying with them will stand automatically cancelled and deemed non-negotiable. The Company will be preparing new share certificate(s) in lieu of such original share certificate(s) for transfer of the same to IEPF authority.

Can shares be claimed from IEPF authority

The shares / dividend so transferred are claimable from the IEPF authority by following the due process for refund.

What Indian Oil investors should note

In order to avoid transfer of dividend / shares to the IEPF authority , you are requested to claim the unpaid dividend by submitting below mentioned documents either to the Company or the Registrar and Transfer Agent at the address mentioned below:

• Outdated Dividend Warrant(s), as detailed above, if available.
• Request letter mentioning Folio No/ DP Id & Client ID.
• Self-attested copy of PAN card & address proof.

Kindly note that unpaid dividends will be credited in Bank details available in Folio/ Demat Account.

In case of non-availability of bank details or if there is any change in bank details, please provide following documents:
For Shares in Physical Form-

• Original Cancelled Cheque leaf.
• Self-attested copy of the pancard
• Duly filled form ISR-1 (KYC updation).

Request for updation of bank details to be included in the request letter for unpaid/ unclaimed dividend.