Money is not being given by the company, the matter reached SEBI
It is said that if you sow a seed, you should stop worrying about its fruit. It definitely gives fruit when the time comes. Something similar happened with a person named Babu George, who lives in Kerala. Babu George bought 3500 shares of a company 43 years ago and he can’t even remember about those shares. But now when he has remembered about it, then the value of those shares has become 1448 crores. However, the company is refusing to give them this money.
The 74-year-old Babu and his family members have taken the matter to SEBI. Babu and his family say that he is the real owner of the shares and the company is refusing to give them money. According to Babu, he had bought the shares of Mewar Oil and General Mills Limited Company in the year 1978 when that company was unlisted and did not even pay dividend. So he bought the shares and forgot it. With the purchase of the shares, Babu became a 2.8% stake holder in the company. The founders of the company PP Singhal and Babu were friends, so they bought these shares. But after that he forgot her.
However, in the year 2015, he remembered about this and saw that the company changed its name to PI Industries and sold their shares to someone else in 1989. Babu alleges that the company has illegally sold his shares to someone else using his duplicate shares. The company also sent two officials to check Babu’s document in this regard, who accepted that it was genuine. But despite this, no action was taken, due to which the whole matter has reached SEBI.