Atlas Battery Reports Loss of Share Certificates

Karachi: Atlas Battery Limited has reported a loss of share certificates belonging to a late shareholder, Mr. Asrar Ahmed Kazi, with specific details concerning the number and series of the shares lost. This incident, reported on October 7, 2024, involves certificates covering 625 shares and has prompted a regulatory notice to safeguard against potential unauthorized trading.

The shares in question, under folio number 4430 and with distinctive numbers ranging from 24352579 to 24353203, were not accompanied by any unverified transfer deeds at the time of loss, suggesting that the certificates might have been misplaced or stolen without any immediate intent to transfer ownership.

According to information available from the Pakistan Stock Exchange (PSX), Atlas Battery has initiated a 21-day notice period during which they will not issue duplicate certificates unless objections are raised. This waiting period is crucial to prevent possible fraudulent activities and ensure that the rights of the deceased shareholder’s estate are not compromised.

The company has circulated this information among the members of the stock exchange to advise them not to deal in these shares during the notice period. If no objections are received within 21 days from the date of the initial notice, duplicate shares will be issued to address the loss effectively.

This case underscores the importance of meticulous record-keeping and timely communication within the securities industry to maintain the integrity of share transactions and shareholder rights.

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