Garware Hi-Tech Films Limited has issued a communication to its shareholders holding shares in physical mode, emphasizing the requirement to furnish Know Your Customer (KYC) details. This update is mandated by SEBI regulations and is crucial for ensuring the smooth credit of dividends and interest payments. Shareholders are urged to provide necessary documentation to the company’s Registrar and Transfer Agent, MUFG Intime India Pvt. Ltd., to comply with the updated directives effective from April 1, 2024.
Garware Hi-Tech Films Updates Shareholder KYC Mandate
Garware Hi-Tech Films Limited has formally notified its shareholders about the critical need to update their Know Your Customer (KYC) details. This directive applies specifically to those holding shares in a physical format and is a mandatory step to ensure compliance with Securities and Exchange Board of India (SEBI) regulations.
SEBI Mandate for Physical Shareholder Details
The company is acting in accordance with SEBI’s Master Circular, which requires all listed entities to collect essential details from shareholders. These include the PAN, address with PIN code, mobile number, bank account details, and specimen signature. Shareholders holding shares in physical mode are thus requested to provide these details to the company’s appointed Registrar and Transfer Agent (RTA), MUFG Intime India Pvt. Ltd.
Implications for Dividend Payments
A significant implication of non-compliance with these KYC requirements is that dividend and interest payments for physical folios will only be processed through electronic mode. This change is effective from April 1, 2024. Shareholders who update their details after this date will receive any dividends or interest declared from April 1, 2024, onwards, after the updation is completed.
Call to Action for Shareholders
The company encourages shareholders to prioritize the submission of mandatory fields on the provided forms. This proactive step is essential to enable the company to credit any future dividends directly to the shareholder’s bank account without delay. The information is also accessible on the company’s official website at https://www.garwarehitechfilms.com/.
Dematerialization Encouraged
Furthermore, shareholders holding shares in physical form are strongly advised to consider converting their holdings into demat form at the earliest opportunity. This process is beneficial for easier share transferability and enhanced market liquidity. Shareholders can approach any SEBI-registered depository participant (DP) for assistance with dematerialization.
Source: BSE
