During the COVID-19 lockdown in 2020, Priya Sharma, a woman from Mumbai, experienced a significant life change. While going through her grandfather’s will, she discovered some long-forgotten shares.
These weren’t just any shares; in 2004, her grandfather had purchased 500 shares of Larsen & Toubro (L&T), a prominent construction company. Over the years, these shares had remained untouched and their value had significantly increased, altering Priya’s financial situation.
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According to FirstPost, Priya inherited not just the original 500 L&T shares but also gained 4,500 shares due to bonus shares and stock splits.
A stock split occurs when a company increases the number of its outstanding shares to enhance liquidity. For example, in a 1:2 split, each share is divided into two, doubling the number of shares held by shareholders while maintaining the same overall investment value.
In contrast, bonus shares are additional shares given to existing shareholders at no extra cost, based on the number of shares they already own. Back to Priya’s story, First Post reported that the number of L&T shares she owned increased ninefold, and their value saw a significant rise.
The shares were valued at approximately Rs 1.72 crore. However, claiming this forgotten fortune was not easy.
Now living in Bangalore, Priya faced several challenges in obtaining her grandfather’s records and initiating the probate process in Mumbai.
She began by contacting L&T, which required her to complete various administrative tasks. Realizing she needed professional assistance, Priya turned to Share Samadhan, a company that specializes in recovering lost investments. They meticulously reviewed all necessary 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.”
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How Did The Bengaluru Woman Obtain Probate For The Will?
The first and perhaps most crucial task was obtaining probate for the will. Share Samadhan collaborated with L&T to update Priya’s KYC (Know Your Customer) information and secure the detailed shareholding statement necessary for the probate process in Mumbai.
After acquiring the probate, L&T found a discrepancy between Priya’s grandfather’s official documents and the name on the share certificate. To resolve this issue, an affidavit was required, according to the report.
Given the high value of the shares, L&T also required someone to sign a surety bond and serve as a financial guarantor to issue duplicate shares.
Priya managed to find a distant relative willing to take on this responsibility, as reported by First Post. To prevent fraudulent claims, L&T required an in-person verification, which was completed along with the negotiation process and submission of the necessary documentation.
After more than a year of persistent effort, Priya finally succeeded in reclaiming her grandfather’s lost wealth by obtaining a duplicate certificate from L&T.
