In the year 1972 a well known Chartered Accountant from Mumbai had invested in various company shares which were nearly worth rupees 10,000 back then. However, due to an income tax attachment in 1972, the shares had been withheld by the Income tax department. Later In the year 1987 after the demise of the CA, the shares were left unclaimed by his family for years.
After years, in early 2014 Asset Tracers India took upon themselves the responsibility of tracing the beneficiary of these unclaimed shares. The team initially began its investigation in Mumbai, tracing from the last known office address of the CA. During this tenure of research, the team found that the office was sold off to three different people over the years. Having enquired about the seller of the property from each of the three sellers, the team finally managed to trace the whereabouts of beneficiary and his family.
The beneficiary was traced down south, in the city of Chennai. The team immediately got in touch with the beneficiary in Chennai and informed him about the unclaimed shares that was worth 2.5 crore in the 2014. Soon, our team flew down to Chennai to meet the beneficiary and initiate the process of claiming back the shares.
The team of Asset Tracers India realized that the processes for claiming these shares were complicated and this was mainly due to the shares being attached to income tax. To claim back the shares, the beneficiary was required to clear the dues of 15 years penalty and only after this would he receive the release order. In addition to this, there were issues pertaining to tracing of old IT documents and PAN number which were over the years reshuffled almost 4 times.
However, irrespective of this exhausting legal process of claiming shares, our professionals managed to help the beneficiary claim back his shares. Our experienced team assisted clients at every step, right from clearing penalties on behalf of the client to tracing the missing documents and PAN number. The process of claiming which initiated in the year 2014 June, was finally accomplished by the year 2015 December.