‘Duplicate Share Certificates’- a facility to avoid Frauds
Share Certificate is documentary evidence of your ownership to the shares in a company. What if the document gets misplaced? This could lead you to a terrible financial loss. The first aid to the situation is, either you may file FIR to the police or communicate with the company regarding the loss. The prior requirement of the company in such a situation is the folio number and details of a share certificate issued in their reference. As soon as the company comes to know about the loss of share certificate, it freezes the shares under the lost one, the step is to secure the shares from fraudulent.
In the scene where you have lost your Share Certificate, the company guides you with issuing the duplicate share certificate which includes preparing an affidavit, surety, and indemnity bond agreement.
Requisites to achieve Duplicate Share Certificates:
- Foremost is reporting the case in the police station and presenting the copy of FIR (quoting the Folio No, Share Certificate(s), Unit Name, Distinctive No(s) and no. of lost shares) in original or attested by notary/gazette officer. FIR must possess the stamp of the authorized police station to prove the authenticity of the complaint.
- Prepare Indemnity and Affidavit bond on a non-judicial stamp paper of the Value of requisite. Value duly attested by Notary Public/Special Executive Magistrate respectively. The affidavit needs to be attested by the notary with relevant notarial stamps affixed together with the seal and the Registration No. of the Notary. Stam Paper purchased be in the name of the concerned shareholder.
- Applicant/executor shall fill the Questionnaire Form issued by the company or respected Registrar related to the share for which the original certificate is lost.
- Surety Form is the must in acquiring the Duplicate Share Certificate along with the person’s PAN card attested with the notary.
- The applicant needs to submit the documents like salary certificate/payslip or a copy of latest Assessment Order passed by Income Tax authorities or proposed valuation Report issued by Revenue Authorities/Municipal Authorities /Secretary of Gram panchayat and duly attested by a Notary officer. Income mentioned must be higher than the current value of shares in the market.
- Personal details are requested by the person who has agreed to give the surety like his Full Name, Address, and Signature. The information must be mentioned in the Indemnity Bond and Surety Form.
- Applicant must provide an attested proof of his Residence (electricity bills, telephone bills, water bill, passport, etc.) and a copy of his latest bank statement or passbook. Please Note: Any changes in the documents need the applicant’s signature.
- Details such as Folio No, Certificate No. of the lost shares musty be mentioned in the Indemnity and Affidavit.
- The shareholder must get his Specimen Signature attested by the Banker.
- Request Letter authorized by the signature of the shareholder for issuing a duplicate share certificate and change of address.
- Execute an Application to the Company or the Registrar along with all the required documents by Registered Post. While sending the documents make sure to mention your telephone or mobile number/Email ID in your covering letter
After the completion of all the formalities, the Company or Registrar will issue a Duplicate Share Certificate. The duplicate share certificate will hold a No. XXX and the ‘DUPLICATE’ written in bold on its first page.
It is the prime responsibility of the shareholder to submit the duplicate share certificate either to the Company or to Registrar, in case if he finds the original Share Certificates.
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