Dividends worth over Rs 500 cr lying unclaimed with bluechips
The dividend payments announced by the companies for their investors are required to be paid within 30 days of their declaration and any unpaid or unclaimed amount needs to be transferred to an 'unclaimed dividend account' within the next seven days.
Any dividend amount lying unclaimed in this account for a period of seven years subsequently gets transferred to the Investor Education and Protection Fund (IEPF).
An analysis of the annual reports of the country's 50 top blue-chip companies shows that the cumulative amount of unclaimed dividend payments in such accounts of 35 companies itself was about Rs 530 crore at the end of last fiscal. The remaining 15 companies did not specifically mention the exact quantum of such unclaimed dividends.
Individually, RIL had total unclaimed/unpaid dividends worth Rs 129 crore as on March 31, 2012, which other companies with a substantial amount in such accounts included ITC (Rs 80.76 crore), HUL (Rs 53.07 crore), Tata Steel (Rs 45.81 crore) and Hero MotoCorp (Rs 43.09 crore) at the end of their respective last financial years.
Companies like L&T (Rs 19.52 crore), Ambuja Cement (Rs 17.98 crore), Tata Motors (Rs 15.83 crore), Cipla (Rs 13.59 crore), NTPC (Rs 11.48 crore), SAIL (Rs 11.29 crore), Nestle (Rs 10.2 crore) and HDFC (around Rs 10 crore) also had sizeable money lying with them in form unclaimed dividends.