AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: Mughal Iron and Steel Industries Limited has issued a final notice to its shareholders regarding unclaimed Right Shares (R-02), urging them to file their claims within the next 90 days or risk the funds being transferred to the Federal Government.
The Right Shares were initially announced three years ago and the details are available on the company’s official website. Despite the passage of time, these shares have remained unclaimed, unpaid, and undelivered. On April 24, 2024, Mughal Iron and Steel sent a formal notice via registered post to the last known addresses of the shareholders, providing them a 90-day deadline to submit their claims.
According to information available from the Pakistan Stock Exchange (PSX), the unclaimed shares will be handled in compliance with the Companies Act of 2017. Specifically, subsection (2) of section 244 mandates that unclaimed dividends be deposited with the Federal Government if they remain unclaimed for a stipulated period.
Shareholders are now in their final window to claim these rights shares. Should no claims be received within the designated timeframe following this notice, the company will proceed to transfer the unclaimed dividends as required by law.