Zoom News : Sep 22, 2021, 01:40 PM
The company is making money in giving money74-year-old Bobby and his family members are still trying to prove that he is the real owner of the company's shares. The company is trying to give them money.
Bobby and his four relatives bought 3500 shares of Mewar Oil and General Mills Ltd. It was an unlisted company in Udaipur at that time.
Bobby was a distributor of a company and in the 70-80s he bought 3500 shares, according to this, Bobby became the owner of 2.8% of the stakes of the company. The founders of the company- Chairman- PP Singhal and Bobby were friends. The company was unlisted and was not paying any dividend so this family forgot about their investment.
Original documents found by Bobby in 2015
Bobby was looking through some old documents when he remembered that he had invested in a company in Udaipur. Bobby had the original share documents and started trying to gather more information about the shares.
Bobby learns that Mewar Oil and General Mills Ltd has changed its name to PI Industries and has become a listed company. Bobby also came to know that the company is also making profits.
Tried to convert shares into Demat Account
Bobby tried to convert his shares to Demat Account and contacted an agency. The agency asked Bobby to contact the company directly. Bobby and his family were shocked when they contacted the company directly.
The company told Bobby that he was not a shareholder of the company and his shares were sold to someone else in 1989.
Bobby alleges that PI Industries illegally sold the shares of Bobby to someone else by using duplicate shares.
The company contacted Bobby
In 2016, PI Industries called Bobby to Delhi for mediation but Bobby refused. After this the company sent two big officers to Kerala to investigate Bobby's documents. The company accepted that the documents present with Bobby were genuine but they did not take any action.
Bobby told that he currently has 42.8 lakh shares of PI Industries and their value is now 1448 crores.
Bobby says that the 13 people who bought the shares in 1989 are people, friends-relatives of company secretary GC Jain's identity. Bobby took this matter to SEBI but the company is still not submitting the documents.
Bobby and his four relatives bought 3500 shares of Mewar Oil and General Mills Ltd. It was an unlisted company in Udaipur at that time.
Bobby was a distributor of a company and in the 70-80s he bought 3500 shares, according to this, Bobby became the owner of 2.8% of the stakes of the company. The founders of the company- Chairman- PP Singhal and Bobby were friends. The company was unlisted and was not paying any dividend so this family forgot about their investment.
Original documents found by Bobby in 2015
Bobby was looking through some old documents when he remembered that he had invested in a company in Udaipur. Bobby had the original share documents and started trying to gather more information about the shares.
Bobby learns that Mewar Oil and General Mills Ltd has changed its name to PI Industries and has become a listed company. Bobby also came to know that the company is also making profits.
Tried to convert shares into Demat Account
Bobby tried to convert his shares to Demat Account and contacted an agency. The agency asked Bobby to contact the company directly. Bobby and his family were shocked when they contacted the company directly.
The company told Bobby that he was not a shareholder of the company and his shares were sold to someone else in 1989.
Bobby alleges that PI Industries illegally sold the shares of Bobby to someone else by using duplicate shares.
The company contacted Bobby
In 2016, PI Industries called Bobby to Delhi for mediation but Bobby refused. After this the company sent two big officers to Kerala to investigate Bobby's documents. The company accepted that the documents present with Bobby were genuine but they did not take any action.
Bobby told that he currently has 42.8 lakh shares of PI Industries and their value is now 1448 crores.
Bobby says that the 13 people who bought the shares in 1989 are people, friends-relatives of company secretary GC Jain's identity. Bobby took this matter to SEBI but the company is still not submitting the documents.