Mumbai, Jan 28: The Mumbai High Court on January 22 has approved the `certification procedure' for identifying the original unitholders registered with the CRB Mutual Fund. The procedure was worked out by the local exchanges and Sebi in consultation with the court appointed-provisional administrator MLT Fernandes. Under the given procedure, the exchanges would now be authorised to identify the genuine shareholders under the schemes floated by CRB Mutual Fund.The division bench comprising of Justice AV Sawant and Justice S Radhakrishnan on Friday approved the certification procedure, which would be shortly implemented at the exchanges.
According to sources, the certification procedure has been based on the lines of the procedures approved earlier by Justice SN Variava which helps the exchanges identify the original shareholders even in case of benami share certificates.
Since 1997 all the accounts of CRB group have been frozen. Considering this, the investors could not avail of the benefits accruingfrom the bonus and dividend announced by the various companies over this period of time. Since the mutual fund accounts were frozen, shares were not transferred on the names of the investors.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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