L&T found a discrepancy between Priya’s grandfather’s formal documents and the name on the share certificate after obtaining the probate.
A Mumbai woman had a transformative experience in 2020 when the COVID pandemic necessitated a stay-at-home period. Priya Sharma discovered the abandoned shares while going over her grandfather’s will. These weren’t merely sporadic shares that weren’t worthwhile. Her grandfather bought 500 shares of the reputable construction company Larsen & Toubro (L&T) in 2004. He hadn’t messed with these investments too much because they had lain dormant and almost forgotten for several years. Over time, the value of the stocks rose, ultimately altering Priya’s life.
First Post claims that Priya inherited more than just 500 shares of L&T. Thanks to bonus shares and stock splits, she would now receive 4,500 stocks. Perhaps you’re wondering, how? A stock split, therefore, occurs when a company issues more outstanding shares to increase liquidity. To double the number of shareholders while maintaining the same investment value is possible with a 1:2 split, for instance, where each share is split in half. On the other hand, bonus shares are additional shares that are awarded to existing owners freely, in accordance with the number of shares they currently own.
Coming back to Priya, the news source reports that although the number of L&T shares increased ninefold, their value also experienced a sharp increase. The stocks were estimated to be worth roughly Rs 1.72 crore, according to First Post.
It was not an easy task to retrieve this long-lost treasure, though. The now Bangalore-based Priya had multiple challenges obtaining her grandfather’s documents and starting the Mumbai probate process Following her letter to L&T to start the process, she had to fulfil several administrative obligations. Her need for expert assistance became evident to her very quickly.
Share Samadhan, a company that specialises in recovering lost investments, came into play at this point. The business carefully reviewed all of Priya’s documents, including her grandfather’s will. Share Samadhan told Firstpost, “We learned that since the number of shares was substantial and the client did not have original shares in possession, it was going to be a tough task since the company would have to do multiple verifications. Further probate of the will was also required to be done.”
The first, and possibly most crucial, task was to obtain a will probate. According to reports, Share Samadhan collaborated with L&T to obtain the comprehensive shareholding statement needed for the probate in Mumbai and to update Priya’s KYC (Know Your Customer) data.
L&T found a discrepancy between Priya’s grandfather’s formal documents and the name on the share certificate after obtaining the probate. The report also stated that an affidavit was necessary to reconcile this disparity.Owing to the shares’ high value, L&T additionally demanded that, in order to issue duplicate shares, someone must sign a surety bond and provide a financial guarantee.
Eventually, Priya discovered a distant relative who could fulfil this duty, according to First Post.
L&T requested an in-person verification in order to stop false claims, and this was accomplished along with the negotiation process and the supply of the necessary documentation.
After more than a year of diligent work, Priya was able to finally obtain her grandfather’s lost wealth when she received a replica certificate from L&T.
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