Shareholders

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.

In terms of Section 124 (5) of the Companies Act, 2013 (“the Act“), any amount transferred to the Unpaid dividend account of the Company remains unclaimed or unpaid for a period of seven years from the date of such transfer shall be transferred by the Company to the Investor Education and Protection Fund ( IEPF).

Unclaimed or unpaid dividend for financial year 2009-10 is transferred to the IEPF within the statutory period. Please  click here  for details of dividend transferred to the IEPF.

In terms of Section 124(6) of the Act, 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.

Equity shares of the Company with respect to unclaimed dividend for the financial year     2009-10 are transferred to the IEPF after following the prescribed procedure. Please  click here  for details of shares transferred to the IEPF.

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 unclaimed dividend for the financial year 2009-10 transferred to the IEPF can also be claimed by the shareholders from the IEPF Authority by following the procedure as laid down in IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

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