Mahindra FInance FAQs

MMFSL is one of the leading non-banking finance companies (“NBFCs”) with customers primarily in the rural and semi-urban markets of India. We are part of the Mahindra group, which is one of the largest business conglomerates in India. We are primarily engaged in providing financing for new and pre-owned auto and utility vehicles, tractors, cars and commercial vehicles. We also provide housing finance, personal loans, financing to small and medium enterprises, insurance broking and mutual fund distribution services.
Through its subsidiaries and JVs, the company has participated in the insurance broking business, housing finance business, wholesale inventory financing to the dealers and retail-financing to customers in the United States.

The details can be accessed from our website – www.mahindrafinance.com and is also available in the Annual Report of the company, which is a downloadable PDF document from this site.

The Company on a periodic basis provide the Stock Exchange with disclosures as required by law which amongst others includes quarterly financials. The Company further updates its website with the following financial information viz. quarterly financials, annual reports, investor presentation as well as transcripts of the conference call undertaken by the Company to update its shareholders and general public at large. The same is provided on the Company website under the Investor Zone
Additionally, the section is updated in the event of any specific information which needs to be communicated to the Investors.

The current credit ratings of the company from various Indian rating agencies are:

The address of the registered office of the company is:

Gateway Building,
Apollo Bunder,
Mumbai - 400 001

The address of the corporate office of the company is:

Mahindra Towers,
Dr. G. M. Bhosale Marg,
P. K. Kurne Chowk, Worli,
Mumbai - 400 018
Tel: +91-22-66526000
Website:www.mahindrafinance.com

The Corporate Identity Number of the company is L65921MH1991PLC059642.

The company's financial year begins on 1st April and ends on 31st March.

The company conducts quarterly conference calls post announcement of quarterly results. Transcripts of the conference call are available on this website for the benefit of the general public.

The company also conducts an Annual meet for Institutional Investors and Analysts after announcing results of Q4 and the full year. The presentation materials used during these meets are available for download on this website. Investors can also interact with the company during the Annual General Meeting (AGM) held every year.

The company also participates regularly in domestic and overseas conferences, Investor meets and non-deal road shows. All presentations made during such events are available for download from this website.

Investors desirous to communicate with the company can send an e-mail to

[email protected]

Also, one can write to:

Mahindra Towers, 4th Floor,

Dr. G. M. Bhosale Marg,

P. K. Kurne Chowk, Worli,

Mumbai - 400 018

MMFSL was incorporated on 1st January, 1991 as a Public Limited company name Maxi Motors Financial Services Limited under the Companies Act, 1956. MMFSL shares were listed on the Bombay Stock Exchange (BSE) in 2006.

Shares of the company are listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

BSE - 532720 

NSE - M&MFIN

The Demat International Security Identification Number (ISIN) in NDSL and CDSL for equity shares are: INE774D01024 (new - for equity shares with face value of Rs.2 per share)

In 1996, a bonus issue was made in the ratio of four bonus equity share for every one share of face value Rs.10 per share held in the company. A stock split occurred in 2012, where every equity share of face value Rs. 10 per share split into 5 equity shares with a face value of Rs.5 per share.

The company’s AGM is usually held in the month of July every year.

The company conducts quarterly conference calls after announcing the quarterly results. Transcripts of the conference call are available on company’s website for the benefit of shareholders and the general public.

The company also conducts an Annual meet for Institutional Investors and Analysts after announcing results of Q4 and the full year. The presentation materials used during these meets are available for downloads from this website. Investors can also interact with the company during the Annual General Meeting (AGM) held every year.

Yes. The company follows trading window closure prior to its earnings release every quarter. During this period, the company or any of its officials will not interact with any investors/analysts. The trading window closure starts 15 working days prior to the date on which the earnings are going to be released.

Dividend is approved every year at the AGM and paid immediately thereafter.

You will have to send the share certificates and the Share Transfer Deed ( Please refer Form SH-4) duly filled in, executed after payingStamp duty of Rs. 25 paise for every Rs. 100 or part thereof of the value of shares as per Notification No. SO 130(E), dated 28-01-2004 issued by the Ministry of Finance, Department of Revenue, New Delhi. Please note that copies of self attested pan cards and any document evidencing address proof ( either of ration card, passport, driving license etc.) of all the transferees as well as the transferor are mandatory for registration of transfers.

The shares, along with the Share Transfer Deed and copies of self attested pan cards along with the address proof will have to be sent to Karvy Fintech Private Limited at the following address:

Karvy Fintech Private Limited Unit : Mahindra & Mahindra Financial Services Limited

Karvy Selenium Tower B,
Plot 31-32, Gachibowli Financial District,
Nanakramguda,
Hyderabad - 500 032
Phone : + +91 040 6716 1518
Email : [email protected]

It takes 15 days to process the transfer. In case of rejection or any valid objection, intimation is sent to the shareholder within 15 days from the date of receipt of request for transfer. Once the shares are registered in your name, you will receive the original share certificates duly endorsed/transferred.

It is advisable to get your shares dematerialized through your Depository Participant. Electronic transactions do not attract any stamp duty, however each Depository Participant may levy a transaction charge. The rate should be confirmed with your depository participant beforehand. Please refer to the section pertaining to dematerialization of shares for more details.

The procedure for registration of shares gifted (held in physical form) is the same as the procedure for a normal transfer. The stamp duty payable for registration of gifted shares would be @ 25 paise for every 100 rupees or part thereof, of the market value of the shares prevailing as on the date of the document, if any, conveying the gift or the date of execution of the transfer deed, whichever is higher. In case the shares held in demat form are gifted, no stamp duty is payable, however there are certain transaction charges which are levied by the concerned Depository Participant.

Registration of Share Transfer is carried out only at:
Karvy Fintech Private Limited Unit : Mahindra & Mahindra Financial Services Limited

Karvy Selenium Tower B,
Plot 31-32, Gachibowli Financial District,
Hyderabad - 500 032
Phone : + +91 040 6716 1518
Email : [email protected]

You will have to lodge the shares, either by personal delivery or through post/reputed courier. Since our Branch Offices do not handle share transfer processing, kindly do not hand over your shares at Branch offices or other offices of our Company.

Alternatively, you may lodge shares with our secretarial department at Mahindra & Mahindra Financial Services Limited, Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai 400 018.

The stamp duty applicable on share transfer is at 0.25% of the market value of the underlying shares on the date of execution of the transfer deed.

You can get the Transfer Deed franked with the requisite stamp fee by any bank where franking services are available.

When the Transfer Deed with the filled in transferor’s details comes to you, please ensure that the requisite details such as folio number, certificate number, and distinctive number, name of the holder, name and address of witnesses are filled in. Please also ensure that the Transfer Deed is signed by the transferor(s) (signatures of all holders in case of joint holding) and the witness and is accompanied by the self attested copies of PAN Card of both, the transferor and the transferee.

Please note that attestation of transferor’s signature by a Manager of a nationalized bank is necessary where the transferor holds a savings account, however there will be rejection for transfer on account of signature mismatch despite of attestation being done.

Please fill in all the columns of the transfer deed, sign as transferee at appropriate places and arrange for payment of stamp duty at 0.25% of the market value on the date of execution of the transfer deed. Please ensure that the transfer deed is duly filled in and executed as explained, to avoid any discrepancy/objection on lodgement.

To add a joint-holder name to your shareholding, please execute a stamped transfer deed and submit the same to the Karvy for transfer. Please note that such additions amount to a change in ownership of shares and the transfer procedure explained above has to be followed.

Please refer Answer 1.

SEBI has made it mandatory to furnish a copy of the PAN to the Company/ R&TA in the following cases, viz., (a) for securities market transactions and off-market transactions involving transfer of shares in physical form; (b) Deletion of name of the deceased holder(s), where the shares are held in the name of two or more shareholders; (c) Transmission of shares to legal heir(s), where deceased shareholder was the sole holder of the shares; and (d) Transposition of shares - where there is a change in the order of names in which physical shares are held jointly in the names of two or more shareholders.

Transferee (purchaser) needs to immediately proceed to get the errors/ discrepancies corrected. Transferee needs to contact the transferor (seller) either directly for rectification or replacement with good securities. After rectification or replacement of the securities, the same should be resubmitted for effecting transfer. In case the errors are non-rectifiable, purchaser has recourse to the seller to get back his money.

The surviving shareholders are required to submit a request letter supported by a self attested copy of pan card of all surviving holders, an attested copy of the Death Certificate of the deceased shareholder and the relevant share certificates. It is advisable if the documents are accompanied by a duly executed Transmission Form.The form is available for download on the website. The form is available for download on the website.The request letter duly completed and signed by the survivors, as per the specimen signatures registered with Karvy so that the name of the deceased can be deleted from the Company's records as well as from the certificates.

Attestation on the death certificate should be done by a First Class Magistrate, Gazetted Officer and the Notary Public under his official seal stating full name, address, and registration no. (in case of notary public).

The Company, on receipt of the said documents, will delete the name of deceased shareholder from its records and return the share certificates to the applicant/registered holder with the necessary endorsement.

For securities held in electronic form, please contact your depository participant.

Note:As per SEBI Circular dated October 28, 2013, the timeline for processing the transmission requests by the DP for securities held in dematerialized form is 7 days and by the Company/R&TA for the securities held in physical form shall be 21 days, after receipt of the prescribed documents from the claimants/legal heirs.

The legal heirs are required to submit the certificates along with the attested copy of the Succession Certificate or Probate of Will or Letter of Administration obtained in respect of the sole holding. The transmission form duly completed (which is available on our website) and signed by the legal heir(s)/executor(s) whose signature(s) should be verified by his/their bank manager under his official seal stating his full name, designation with name and address of the bank. Attestation on the legal document should be done by a Notary Public under his official seal stating full name, address and registration no.

In case you do not have any such form of Legal Representation, please write to Karvy for further advice.

In case value of transaction is less than Rs. 2 lakh, the request for transmission of shares will be processed based on Indemnity, Affidavit and Certificate from Legal Heir. In case the value of transaction is more than Rs. 2 lakh than documents like Succession Certificate, Probate of Will etc is essential. Hence, this reply should be considered for briefing the legal & non-legal formalities of transmission of shares.

For securities held in electronic form, please contact your depository participant.

The legal heirs are required to get the Will probated by the High Court/District Court of competent jurisdiction and then send us a probated copy of the Will. This should be accompanied by a relevant schedule/annexure setting out the details of the shares, the relevant share certificates in original, the transmission form for transmission, self attested pan card and address proofs of all the claimants.

To get the shares transmitted in your name, kindly obtain a Succession Certificate/Letter of Administration of the last deceased joint holder in your favour and follow the procedure for transmission of shares.

In order to ascertain that Will in question is the last Will and testament made by the deceased, it is important that the same is authenticated/probated by the Court. This is to protect the interest of the investors at large and to obviate any future claims/disputes on the same.

As per law, the joint holder is deemed to be having indivisible ownership of the joint property and the Company cannot ascertain as to how or why the name was included. As per the Articles of Association of the Company, the surviving joint holders are the only persons recognised as having title to the shares.

Dematerialisation (or Demat) signifies the conversion of a share certificate from its present physical form to electronic form for the same number of holdings.

It is a direct application of scope provided by the tremendous progress made in the area of Information Technology, whereby voluminous and cumbersome paper work involved in the scrip based system is eliminated.

It offers scope for paperless trading through state-of-the-art technology, whereby share transactions and transfers are processed electronically without involving any share certificate or transfer deed after the share certificates have been converted from physical to electronic form.

Demat attempts to avoid the time consuming and complex process of getting shares transferred in the name of buyers and also aims to shirk inherent problems of bad deliveries, delay in processing, fraudulent interception in postal transit, etc.

Dematerialisation of shares is optional and an investor can still hold shares in the physical form. However, he/she has to demat the shares if he/she wishes to sell the same through the Stock Exchanges. Similarly, if an investor purchases shares, he/she will get delivery of the shares in demat form.

The Depositories Act, 1996 has been enacted to regulate the matters related and incidental to the operation of Depositories and demat operations. Two Depositories are in operation - National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL).

The operations in the Depository System involve the Depositories, Depository Participants, Company/Registrars and Investors.

A Depository (NSDL and CDSL) is an organisation like a Central Bank, i.e. Reserve Bank where the securities of an investor are held in the electronic form through Depository Participants.

A Depository Participant is the agent of the Depository and is the medium through which shares are held in the electronic form. They are also the representatives of the Investor, providing the link between the Investor and the Company/ Registrar through the Depository.

To draw an analogy, the Depository System functions in a manner similar to a banking system. A bank holds funds in accounts whereas a Depository holds securities in accounts for its clients. A bank transfers funds between accounts while a Depository transfers securities between accounts.

In both systems, the transfer of funds or securities occurs without the actual handling of funds or securities. Both, the bank and the Depository, are accountable for the safe keeping of funds and securities respectively. The Company signs an Agreement with NSDL/CDSL (the depositories) and installs the necessary hardware/software for operations.

First, please open an account with a Depository Participant (DP) and obtain a unique Client ID number. Thereafter, kindly fill up a Dematerialisation Request Form (DRF) provided by the DP and surrender the physical shares intended to be dematted to the DP.

Upon receipt of the shares and the DRF, the DP will send electronic requests through the Depository to the Company/Registrar for confirmation of demat. Each request will bear a unique transaction number.

Simultaneously, the DP will surrender the DRF and the shares to the Company with a covering letter requesting the Company/Registrar to confirm the demat. After verifying the documents received from the DP, the Company/Registrar will confirm the demat to the Depository.

This confirmation will be passed on from the Depository to the DP, which holds your account. After receiving this confirmation from the Depository, the DP will credit the account with the dematerialized shares. The DP will then hold the shares in the dematerialized form on your behalf and you become the beneficial owner of these dematerialized shares.

If you hold shares in the electronic form, you have the option of converting your holding to the physical form by submitting a Rematerialisation Request Form (RRF) through your DP. The procedure is as follows:

• Shareholders should submit the duly filled in Rematerialisation Request Form (RRF) to the concerned DP.
• DP intimates the relevant Depository of such requests.
• DP submits RRF to the Company’s R&TA.
• Depository confirms rematerialisation request to the Company’s R&TA.
• The Company’s R&TA updates accounts and prints certificate(s) and informs the Depository
• Depository updates the Beneficiary Account of the shareholder by deleting the shares so rematerialised.
• Share certificate(s) is despatched to the shareholder by Company’s R&TA

The charges for demat have to be borne by the shareholder. The charges differ from DP to DP and therefore you will have to contact your DP for details regarding the same.

Shares should be registered in your favour before they can be dematted. Please follow the procedure explained in the section above pertaining to transfer of shares.

Yes. With effect from 1sh April, 2019 it has become mandatory to trade shares in demat form. However, you can exercise the option of holding the shares in physical form.

On the Record date, the Depository Participants will provide a list of demat account holders indicating the number of shares held in electronic form (known as Benpos – Beneficiary Position). On the basis of Benpos, the Company will make dividend payments in favour of the demat account holders.

The rights of the shareholders holding shares in demat form are at par with holders of shares in physical form. Hence, you will be eligible to procure the Annual Report and can rightfully attend the AGM as a shareholder.

It is advisable to register your NACH mandate with your Depository Participant to enable us credit all your dividends electronically.

Common risk factors applicable to trading in physical shares like mismatch in signatures, loss in postal transit, etc., are absent since dematted shares are traded scrip-less.

In case of any dispute, please contact your Depository Participant would have to be approached for resolution of the same.

Yes

As per the Depository Regulations, the Company/ RTA is obliged to take on record the details of shareholders (having shares in dematerialised form) furnished by the concerned Depository Participant. The Company/ RTA cannot make any change in such records received from the Depository.

Depositories provide “Transposition cum Demat facility” to help joint holders to dematerialize securities in different sequence of names. For this purpose, DRF and Transposition Form should be submitted to the DP.

• Attested / Notarized copy of death certificate of the deceased shareholder.
• Request letter duly signed by the surviving share holders.
• Self attested copies of PAN card and address proofs of the surviving share holders
• Original Share certificates
• Transposition form(available on the website of the Company) to be filled and signed by the surviving shareholders.

NSDL and CDSL have launched SMS Alert facility for demat account holders whereby the investors can receive alerts for debits and credits in their demat accounts. Under this facility, investors can receive alerts, a day after such debits (transfers) / credits take place. These alerts are sent to those account holders who have provided their mobile numbers to their DPs. Alerts for debits are sent, if the debits (transfers) are up to five ISINs in a day. In case debits (transfers) are for more than five ISINs, alerts are sent with a message that debits for more than five ISINs have taken place and that the investor can check the details with the DP.

Section 72 of the Companies Act, 2013 provides the facility of nomination to shareholders. This facility is mainly useful for individuals holding shares in sole name. In the case of joint holding of shares by individuals, nomination will be effective only in the event of death of all joint holders.

As per the provisions of Section 72 of the Companies Act, 2013 the nominee is entitled to all the rights in the securities of the deceased shareholder in relation to such securities to the exclusion of all other persons. In the event of death of the shareholder, all the rights of the shareholder shall vest in the nominee. In case of joint holding, all the rights shall vest in the nominee only in the event of death of all the joint holders. The nominee is required to apply to the Company or to the RTA or to the DP as may be applicable by reporting death of the nominator along with the attested copy of the death certificate.

Individual shareholders holding the shares / debentures in single name or joint names can appoint a nominee. In case of joint holding, joint holders together have to appoint the nominee. An individual having capacity to contract only can be appointed as a nominee. Minor(s) can, however, be appointed as a nominee provided the legal guardian is available.

To make a nomination, in respect of the shares held in demat form, please submit a duly filled in and signed nomination form (Form SH-13) in duplicate. If you hold shares along with other holders, then all holders are required to sign the nomination form.

Nomination Form is available on the website for download

Nomination in respect of shares held in physical form can be sent to the Company/ RTA. After the Company/ RTA receives the form and finds it in order, a registration number will be allotted to the nomination. A duplicate copy of the nomination form submitted by you will then be returned to you with an endorsement indicating the registration number and date.

In case of shares in dematerialised form, your nomination has to be recorded with your Depository Participant.

Option for multiple nominations for each folio is also available.

It is not necessary to send your share certificate at the time of registration of nomination.

Joint holders are not nominees. They are joint holders of the relevant shares. In the event of death of any one of the joint holders, the surviving joint holder/s of the shares is/are the only person/persons recognized by the Company as the holders of the shares.

A nomination once made can be revoked by submitting a fresh nomination. If the nomination is made by joint holders, and one of the joint-holders dies, the surviving joint holder/s can make a fresh nomination by revoking the existing nomination. Nomination Form for variation is available on the website for download.

Nomination Form is available on the website for download

A nomination form must be witnessed.

In case of shares held by sole holder, upon the death of the shareholder, the nominee, to the exclusion of any other legal heir/beneficiary, is the only person in whom the shares vest. In other words, in case of a valid nomination, the Company will not entertain any claim from legal heirs or beneficiaries and the shares will be transmitted only in favour of the Nominee.

In case the nomination is made by joint-holders, it will come into play only upon the death of all the joint holders. Therefore, if one of the joint shareholders dies, the shares will devolve on the surviving shareholders to the exclusion of the nominee. In this case, the surviving shareholders may make a fresh nomination if they so desire.

In case of shares held in the physical form, upon the death of a shareholder, the nominee is entitled to get the shares transmitted in his favour. He/she is required to submit a notice in writing to this effect along with the original share certificate and an attested copy of the death certificate of the deceased shareholders.

If a nominee opts for registration of shares in his/her name, he/she has to submit a Transmission Form along with a copy of the pan card and proof of address, e.g. copy of passport, driving license, voter's identity card or such other proof, to the satisfaction of the Company.

Upon scrutiny of the documents submitted by the nominee, shares will be transmitted in his/her favour and share certificates will be returned to him/her duly endorsed.

In case of shares held in the demat form, please contact your DP.

For making a nomination with respect to dematted shares, you will have to approach your DP. Loss of share certificates:

Please inform our Registrar and Share Transfer Agent viz. Karvy Fintech Private Limited (‘Karvy’) about the loss of share certificates. It is advisable to lodge a complaint with the local Police Station. Kindly send Karvy an acknowledged copy of the Complaint/ FIR for advice on the further course of action.

Kindly state following:

• Name of the Company in which you hold securities.
• Your full name and address, in the records of the Company.
• The distinctive number(s) of the certificate(s) that is/are missing.

If you do not know the number(s) of the missing certificate(s) please provide the number(s) of the certificates still in your possession. Please also state if the certificate(s) is/are lost or stolen. If the certificate(s) is/ are stolen, we will require the F.I.R as issued by the Police. You are requested to intimate the Company/RTA regarding the lost/stolen share certificates. We will send you the documents to be executed for issue of duplicate certificates.

We shall immediately mark a caution on your folio to prevent any further transfer of shares covered by the lost share certificates.

Upon receipt of intimation about loss of certificates.we will revert with the required formalities to be complied with for obtaining duplicate certificates.

Please contact the seller who would communicate the same to the Company/RTA and apply for the issue of duplicate share certificates. On receipt of the same, you may proceed to complete the transfer of shares by executing the fresh Trasfer Deed in SH-4 format.

Please surrender the original share certificate to Karvy if duplicate share certificates have been issued. However, if the original share certificates are found before you comply with the procedure for obtaining duplicate share certificates, please inform Karvy immediately so that we can remove the caution from your folio immediately.

A letter duly signed by the sole/joint holders stating the new address and all the Folio Nos. must be sent to Karvy. You must ensure that the signature of the first holder is as per the specimen signature recorded with Karvy.

A computerized acknowledgement will be sent to your new address confirming the updation of the change in our records.

In case you have dematerialized your holdings, please write to your DP immediately ensure that you receive a confirmation from them having noted your new address.

No. There can be only one registered address for one folio.

Since your Depository Participant maintains the records of your dematted shares, you have to approach your DP to effect any change in your address.

You may write to Karvy furnishing the particulars of the dividend not received. Also quote your folio number/client ID particulars (in case of dematted shares). We will check our records and issue a duplicate dividend warrant if the dividend remains unpaid in the records of the Company.

No duplicate can be issued during the validity of the original warrant. Hence, if the validity period of the lost dividend warrant has not yet expired, you will have to wait till the expiry date. However, once the validity period has expired, if the dividend warrant is still shown as unpaid in our Bank Statement, we shall issue a duplicate warrant expeditiously on receipt of the Indemnity Letter which can be downloaded by the investors.

Since the dividend warrants are payable at par at all branches of the dividend banker across the country, it is not practically possible for banks to issue stop payment instructions. Hence, it becomes necessary for us to wait till the expiry of the validity of original warrant. The warrant is issued in the name of the shareholder only so that the fraudulent encashment of the warrant is very remote or negligible.

Dividend lying in the Unpaid Dividend Account which remains unpaid or unclaimed for a period of seven years is required to be transferred to the Investor Education and Protection Fund (IEPF). To ensure maximum disbursement of unclaimed dividend, the Company sends reminders to the concerned investors, before transfer of dividend to IEPF.

The unpaid / unclaimed dividends upto Dividend 2011-12 has been transferred to the IEPF Account of the Central Government.

Any person whose shares, unclaimed dividend, matured deposits, matured debentures, application money due for refund or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares etc. has been transferred to the IEPF Fund, may claim the shares under provision to sub-section (6) of Section 124 or apply for refund, under Clause (a) of sub-section (3) of Section 125 or under proviso to sub-section (3) of Section 125, as the case may be, to the Authority by making an application in Form IEPF-5. Shareholder may claim from IEPF Authority both the unclaimed dividend amount and the Equity Shares transferred to IEPF Authority by submitting an online application in Form IEPF-5 available on the website www.iepf.gov.in. Upon submission, Form IEPF-5 shall be transmitted online to the Nodal Officer of the Company for verification of claim. You are requested to please send physical copy of Form IEPF-5 along with physical Share Certificate(s), Indemnity Bond, Advance Receipt and any requisite document(s) enumerated in the said Form IEPF-5 duly signed by you (as per registered specimen signature) to the Nodal Officer of the Company or to KFin Technologies Private Limited, Registrar and Transfer Agents of the Company.

As per Section 124 of the Companies Act, 2013, all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the Company in the name of IEPF. Further, the shareholders whose amounts and shares would be transferred to IEPF as above, would be entitled to get refund of the dividend and claim the transfer of shares from IEPF after complying with the prescribed procedure under the Companies Act, 2013.

The Company has uploaded the details of unpaid and unclaimed dividend amounts lying with the Company on the website of the Company (www.mahindrafinance.com), which can be accessed by the shareholders.

If you hold shares in physical form, please submit the NACH Mandate form, which can be downloaded from our website, duly executed along with a copy of cancelled cheque to Karvy which will be incorporated in all your future dividend payments.

However, if you hold the shares in demat form, these details will have to be provided to the Depository Participant with whom you have a demat account

Under this system, you can receive your dividend electronically by way of direct credit to the registered bank account with DP/Company/RTA. This expedites payment through credit to your account compared to dividend warrants in the physical form.

If you are holding shares in physical form, you are required to submit the NACH form, which can be downloaded from our website, duly completed along with a photocopy of cheque leaf. You may submit the same to Karvy which shall take due note of the same. All subsequent dividends will be paid to you through direct credit to your bank account.

If you are holding shares in demat form, you may approach your Depository Participant for updating NACH mandate.

Yes

The Company obtains the details of beneficiary holders from the Depositories as on the date of the book closure /record date fixed by the Board of Directors. Dividend in respect of shares held is normally paid electronically if the 9 digit Magnetic Ink Character Recognition (MICR) code is available in the said details. In the absence of the said MICR code, dividend warrants are issued and dispatched to the address of the shareholders.

Please return the outdated (stale) dividend warrant to the Company for revalidation or issuance of fresh cheque, as the case may be.

Dividends not claimed, within seven years from the date of its transfer to the unpaid dividend account, will be transferred to the Investor Education and Protection Fund (IEPF) established by the Government.

Pursuant to section 124(5) of Act, 2013, a company shall transfer any amount lying in the Unpaid Dividend Account for 7 years along with interest accrued, if any, thereon to the Fund.

If the Company declares any further dividend on the shares which have already been transferred to the Fund, the amount received on such shares shall also be transferred to the Fund.

Green Initiative is an effort of the Government of India which aims at reducing paper consumption thereby contributing to a greener environment.

Towards this end, the Ministry of Corporate Affairs vide its Circular Nos. 17/2011 dated 21.04.2011 and 18/2011 dated 29.04.2011 commenced the “Green Initiative in Corporate Governance” thereby allowing Companies to issue Annual Reports and other documents to the shareholders in electronic mode.

By registering for Green Initiative, every shareholder will get an opportunity to contribute to this noble cause for the benefit of our future generations. Moreover, there are other communication like Notice of Board Meeting, Quarterly Results, etc. which the Company sends periodically to those shareholders who have registered for E-Communication.

To register for E-communication, you need to have an email id. You may either write to Karvy or to the Company by filling up the Shareholders Information Updation Form for shares held in physical form.

For shares held in the demat form, you are requested to update the same with your DP.

The Company obtains the details of beneficiary holders from the Depositories as on the date of the book closure /record date fixed by the Board of Directors. Dividend in respect of shares held is normally paid electronically if the 9 digit Magnetic Ink Character Recognition (MICR) code is available in the said details. In the absence of the said MICR code, dividend warrants are issued and dispatched to the address of the shareholders.

Please return the outdated (stale) dividend warrant to the Company for revalidation or issuance of fresh cheque, as the case may be.

Dividends not claimed, within seven years from the date of its transfer to the unpaid dividend account, will be transferred to the Investor Education and Protection Fund (IEPF) established by the Government.

Pursuant to section 124(5) of Act, 2013, a company shall transfer any amount lying in the Unpaid Dividend Account for 7 years along with interest accrued, if any, thereon to the Fund.

If the Company declares any further dividend on the shares which have already been transferred to the Fund, the amount received on such shares shall also be transferred to the Fund.

Shareholders holding shares in physical form may request the Company’s R&TA viz. Karvy for effecting the change of name in the share certificate(s) and records of the Company. Original share certificate(s) along with the supporting documents such as Affidavit (for change of name in case of marital status)duly attested copies of marriage certificate, court order, etc. should be enclosed. Karvy, after verification, will effect the change of name and send the share certificate(s) in the new name of the shareholders. Shareholders holding shares in demat form, may contact the concerned DP.

Please forward your old share certificates to Karvy along with a request letter signed by the registered shareholder(s).

Please forward your share certificates to Karvy along with a request letter duly signed by all the joint-holders as per the specimen signatures registered with Karvy.

Registration of PAN details will safeguard the interests of the investors. PAN is a unique checkpoint to ascertain the genuineness of the request of the shareholders. It is mandatory to be mention to open/operation the demat account in case of shares held in demat form.

The provisions relating to tax on dividend and sale of shares are provided for ready reference of shareholders:

• No tax is payable by shareholders on dividend. However, the Company is required to pay dividend tax @ 17.647% (grossed up) and surcharge @12% together with education cess @ 2% and secondary higher education cess @ 1%, i.e., 20.36%;
• As per the Finance Act, 2016, income by way of dividend in excess of Rs. 10 lakh shall be chargeable to tax in the case of an individual, Hindu undivided family (HUF) or a firm who is resident in India, @ 10%. The taxation of dividend income in excess of `10 lakh is on gross basis and made effective from the assessment year 2017-18.
• Short Term Capital Gains (STCG) tax is payable in case the shares are sold within 12 months from the date of purchase @ 15% in case of ‘individuals’ together with education cess @ 2% and secondary higher education cess @ 1%; Surcharge @ 15% is payable for income exceeding `1 crore in the case of individuals also.

No Long Term Capital Gains (LTCG) tax is payable on sale of shares through a recognised stock exchange, provided Securities Transaction Tax (STT) has been paid and shares are sold after 12 months from the date of purchase. In any other case, lower of the following is payable as long term capital gain tax:

a) 20% of the capital gain computed after substituting ‘cost of acquisition’ with ‘indexed cost of acquisition’ together with education cess @ 2% and secondary higher education cess @ 1% in the case of ‘individuals’. Surcharge @ 15 %is payable for income exceeding `1 crore in the case of individuals also.

b) 10% of the capital gain computed without substituting ‘cost of acquisition’ with ‘indexed cost of acquisition’ together with education cess @ 2% and secondary higher education cess @ 1% in the case of ‘individuals’. Surcharge @ 15 % is payable for income exceeding `1 crore in the case of individuals also.