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Regulation 39(4) of the SEBI (LODR) Regulations, 2015 states that “The listed entity shall comply with the procedural requirements specified in Schedule VI while dealing with securities issued pursuant to the public issue or any other issue, physical or otherwise, which remain unclaimed and/or are lying in the escrow account, as applicable.

The Bank had no unclaimed shares pertaining to IPO. Further, no shares were lying unclaimed in demat mode. However, there were unclaimed share certificates pertaining to the exchange of shares with share certificates of erstwhile co-operative banks, undelivered share certificates pertaining to Conversion Scheme, Rights Issue and regular transfer/transmission requests.

As per the regulatory requirement and the procedure given in Schedule VI of the LODR Regulations, the Bank has transferred 14,11,367 shares of 12,816 shareholders to DCB Bank-Unclaimed Security Suspense Account on 25-06-2021 and subsequently has dematerialized the same by opening a separate Demat Account for the purpose.

Any corporate benefits in terms of securities accruing on such shares viz. bonus shares, split etc., shall also be credited to such Unclaimed Security Suspense Account, for a period of seven years and thereafter shall be transferred by the listed entity in accordance with provisions of Section 124(5) read with Section 124(6) of the Companies Act, 2013 and rules made there under.

The shares can be claimed back by the surviving shareholder(s) or legal heirs, from the Bank until the shares are transferred to IEPF Authority.

The Bank/ Registrar & Transfer Agent (RTA) shall, after proper verification of the identity of the shareholder(s) or legal heirs (Claimants) credit the shares lying in the Suspense Account, to the demat account of the claimant(s) to the extent of his/her/their entitlement.
The voting rights on such unclaimed shares shall remain frozen till the rightful owner claims the shares.

The Bank had sent multiple reminders as per the requirements to the shareholders whose shares were liable to be transferred to the “Unclaimed Securities Suspense Account”, at their last available address, informing them to claim their shares to avoid such transfer to the Securities Suspense Account and further to Investor Education and Protection Fund (IEPF) Authority if not claimed within the prescribed period of seven years.

Shareholders are advised to visit the below web-link given below, to verify whether if any shares held by them waere transfered to “Unclaimed Securities Suspense Account” and liable to be transferred in the name of IEPF Authority after period of seven consecutive years.

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