In February 2000, Kansai Paint Co. Ltd., Japan, the company’s foreign collaborator and one of the promoters of the company, acquired 43,71,152 shares amounting to 28.56% of the paid-up share capital of the company from Forbes Gokak Ltd. and their associates, the other promoter of the company, at a price of Rs.250 per share. With this acquisition Kansai Paint Co., Japan, was now holding 64.52% of the paid up share capital of the company. Share holding increased to 69%, post the merger of Polycoat Powders Ltd., a wholly owned subsidiary of Kansai Paint Co., Japan, with Kansai Nerolac Paints Limited. With subsequent acquisition of shares of our Company from the open market, Kansai Paint Co. Japan now holds 74.22% of the paid-up share capital in our Company, as on August 31, 2016. The coatings industry globally, like several other industries, is in the process of consolidation. The process of consolidation is intended to help companies meet increasingly challenging customer requirements by constantly updating technology, striving for greater efficiency in operations and ensuring worldwide servicing capabilities.
World over, units are moving with associates/affiliates/parent bodies with core competence as their prime objective. The acquisition by Kansai of the shareholding of Forbes Gokak Ltd. and their associates in your company is in furtherance thereof.
Transfer of Shares pursuant to Section 124(6) of the Companies Act, 2013 to the Demat Account of the Investor Education and Protection Fund (IEPF) Authority
In terms of Section 124(6) of the Companies Act, 2013, recently notified by the Ministry of Corporate Affairs (MCA), Government of India, Equity Shares of the Company, in respect of which dividend entitlements have remained unclaimed or unpaid for seven consecutive years or more, are required to be transferred by the Company to the demat account of the IEPF Authority of the Government of India.
Unclaimed or unpaid dividend for financial year 2008-09 has been transferred by the Company to the IEPF within the statutory time period. Dividend for the year ended 31st March, 2010 which is not yet claimed is presently lying with the "Unclaimed / Unpaid Dividend Account" of the Company.
In terms of the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended from time to time, (“Rules”) individual letters have been sent to the concerned shareholders as a reminder to them to claim their unclaim dividends by sending a letter under their signature, to the Registrars and Share Transfer Agent of the Company, TSR Darashaw Ltd. 6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai – 400 011. Tel. No.: +91 22 66568484, Fax No.: 91 22 66568484. In the event valid claim is not received by TSR Darashaw Ltd , the Company shall transfer the concerned Shares in physical or Demat form to the Demat Account of the IEPF Authority by the due date i.e. 31.05.2017 as per the procedure under the Rules.
The concerned shareholders, holding shares in physical shares and whose shares are liable to be transferred may note that the Company would be issuing duplicate share certificates(s) in lieu of the original share certificate(s) held by them for the purpose of transfer of shares to the Demat Account of the IEPF Authority as per the Rules and upon such issue, the original share certificate which stands registered in their name will stand automatically cancelled and be deemed non negotiable. The concerned shareholders may note that upon transfer of such equity shares to the IEPF, no claim shall lie against the Company in respect of the equity shares transferred to the IEPF.
However any person whose shares are transferred to the IEPF can claim the shares from the IEPF Authority by following the procedure as laid down in IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
The concerned shareholders may click here for details of the shares to be transferred to the IEPF.