Shares of Companies under Liquidation
This query is : Resolved
17 July 2024
How does one deal with the shares of companies under liquidation appearing in DP account? Am unable to close the Trading account in view of such shares appearing in the DP.
Have been advised to transfer it to some other account but that is not a solution and just shifting of problem.
Request advice!
Have been advised to transfer it to some other account but that is not a solution and just shifting of problem.
Request advice!
17 July 2024
The suggestion is correct.
If you have any demat account of relative or friend, you can transfer them , otherwise wait for 2/3 years to get removed the shares by RTA.
If you have any demat account of relative or friend, you can transfer them , otherwise wait for 2/3 years to get removed the shares by RTA.
17 July 2024
Sir noted your view point. However I believe concerned authorities need to look into this aspect. An account cannot be closed for shares of companies under liquidation appearing in DP Account over which Investor has no control.
Kindly Regards
Kindly Regards
17 July 2024
It gets removed by finalization of liquidation process. Till that time it cannot be removed.
17 July 2024
Agreed Sir but the point is that why should investor carry with the trading account in such situation? There needs to be a solution as such shares can not be even rematerialised.
Thanks & Regards
Thanks & Regards
17 July 2024
As per law, shares of company gets nullified only when the company gets totally dissolved. Till than shareholder has right over it. You may be thinking of being just investor, but legally you are co-owner of the company, consider that aspect too. So, till the (long) process of liquidation (hope no suit pending in any court of law) gets completed, your shares cannot get removed from the account.
17 July 2024
Get your point Sir! Thanks. However most Shareholders specially the small investors may on paper be the owners but are merely spectators.
Is there any site for tracking liquidation? proceedings?
Is there any site for tracking liquidation? proceedings?
17 July 2024
Best source would be the RTA of the company or the corporate office of the company itself, but in general there are few sites like BSE, NSE or one like https://ibbi.gov.in/en/public-announcement
17 July 2024
Thank You Sir! As always you have been helpful!
17 July 2024
You are welcome.
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