AU SMALL FINANCE BANK REFUSED TO TRANSFER MY DIVIDEND AMOUNT

[Gajakumar]

Guys,


I bought a share which on 4th June and It credited to my demat account next day. The ex dividend date was 5th Jun.

Due to my personal problem I have closed my AU SMALL FINANCE BANK digital bank account on 10th June. Then I moved my primary Bank account details to Indian Bank through my broker.

But after that the stock which i bought on 4th June has credited my dividend to AU SMALL FINANCE BANK on 21st Jun through NACH and reference number also shared. This was I got reply from SEBI SCORES.

Then I approached AU BANK customer care through Mail, they simply said your account was closed.

Even after I approached SEBI SCORES and asked for 2nd level review. Again they said that " dividend amount credited to your AU Bank account. Check Bank Statement."

How can I get the account statement after my account was closed? They act like a mad.

Now, what can I do??? Should I lodge complaint against AU SMALL FINANCE BANK in RBI OMBUDSMAN PORTAL?

Need some advice friends...

 

[Pradumya]

You can directly mail the registrar of the company regarding the same. Share the monthly statement of June month with the registrar and ask them to clarify the payment details.
Also share with them the old CMR and new CMR with the registrar for chargeback and recredit the amount.

 

[Gajakumar]

You can directly mail the registrar of the company regarding the same. Share the monthly statement of June month with the registrar and ask them to clarify the payment details.
Also share with them the old CMR and new CMR with the registrar for chargeback and recredit the a

Thank you for your valuable response.

I have asked AU SMALL FINANCE BANK for the June month's statement since I have closed my savings account on June 10th. I am worried that if they provide or not.

 

[quino]

through my broker.

holy moly. do tell us who your broker is.

iirc, dividends and interest payments are directly sent to the DP & DP distributes the amount to the registered account corresponding to the demat acc per their records, right @Pradumya?

 

[Pradumya]

iirc, dividends and interest payments are directly sent to the DP & DP distributes the amount to the registered account corresponding to the demat acc per their records, right @Pradumya?

Nah bro
Now a days dividend payments come directly by the company. Buyback consideration is processed thru clearing corporations.

 

[RAMESH BABU N]

Usually, when a credit is recieved into a bank account which is in closed condition, the trxn can not be put thru that closed account. What most banks do is to return it to the sender (in this case, that RTA). Within a reasonable time of about a week or so.

At the RTA end, they receive the returned amount n keep it in a separate unclaimed dividend account. Such unclaimed dividend/interest amounts will be usually held in that account for 3 years.

During this perid, the payee of the DW/IW needs to get back to the RTA with his full details n updated bank account details. And, probably, a notorized undertaking or a declaration cum contingent liability certificate - as per the directions of the RTA.
RBI is out of this arena, as it falls under the domain of MCA/SEBI/NSDL/CDSL.

 

[Gajakumar]

Usually, when a credit is recieved into a bank account which is in closed condition, the trxn can not be put thru that closed account. What most banks do is to return it to the sender (in this case, that RTA). Within a reasonable time of about a week or so.

At the RTA end, they receive the returned amount n keep it in a separate unclaimed dividend account. Such unclaimed dividend/interest amounts will be usually held in that account for 3 years.

During this perid, the payee of the DW/IW needs to get back to the RTA with his full details n updated bank account details. And, probably, a notorized undertaking or a declaration cum contingent liability certificate - as per the directions of the RTA.
RBI is out of this arena, as it falls under the domain of MCA/SEBI/NSDL/CDSL.

In my case, what can I do now? As per SEBI SCORES the dividend status was credited and shared the reference number though AU BANK don't adhere the transaction.

 

[RAMESH BABU N]

In my case, what can I do now? As per SEBI SCORES the dividend status was credited and shared the reference number though AU BANK don't adhere the transaction.

Write to RTA with all details of your holdings, demat n scrip details and the new bank account details. They will send you - upon verification - the returned DW/IW amount. Or, they may send you the legal formats for submitting your details for getting the credit.

 

[Gajakumar]

Write to RTA with all details of your holdings, demat n scrip details and the new bank account details. They will send you - upon verification - the returned DW/IW amount. Or, they may send you the legal formats for submitting your details for getting the credit.

After I mailed Registar of the company they immediately escalated this issue to Linkintime and they asked me to enter my Querrey through their Redressal link and sent the same cheque to me mentioning my name along with AU Bank account number. Thanks for your support all of you to sort out the issue. I will transfer the amount to my bank account. Thanks again.

 

[Gajakumar]

The bank staffs denied to clear the cheque since The AU Small finance bank name and my account number along with my name mentioning in the cheque. Pls advice

 

[RAMESH BABU N]

If there is a mis-match of the name in your bank account and on the cheque you got, then ask the bank to give you a declaration format which needs to be submitted to the bank. Ideally, get it Notorized n give. And, take steps to sync these 2 names. Verify your PAN/AADHAAR and align your names with what is there on them.

 

[Gajakumar]

If there is a mis-match of the name in your bank account and on the cheque you got, then ask the bank to give you a declaration format which needs to be submitted to the bank. Ideally, get it Notorized n give. And, take steps to sync these 2 names. Verify your PAN/AADHAAR and align your names with what is there on them.

Sir this issue not regarding discrepancy in my name. My name is correctly mentioned in the cheque as per my pan/aadhaar.
The issue is The AU Bank name and the account number are mentioned in the cheque.

Bearer is myself which is correct but along with the AU Bank account number and AU Bank name mentioned in the cheque.
If cheque get bounced I have pay fine?

I am helpless pls advice.

 

[quino]

Bearer is myself which is correct but along with the AU Bank account number and AU Bank name mentioned in the cheque.

this is fine. just drop the cheque in the dropbox of any AU branch. write your mobile no. in the back.

If cheque get bounced I have pay fine?

you can get redressal from PNO/BO.

 

[Chhota Bheem]

Sir this issue not regarding discrepancy in my name. My name is correctly mentioned in the cheque as per my pan/aadhaar.
The issue is The AU Bank name and the account number are mentioned in the cheque.

So, they mentioned your name along with AU Bank details on the cheque. But account is already closed, is the understanding right?

You went ahead and deposited the cheque with Indian Bank and it bounced.

If cheque get bounced I have pay fine?

I am helpless pls advice.

Yes, because they specifically mentioned AU Bank account but you deposited with Indian Bank.

Ask RTA to send cheque in your name without account information.

Meanwhile escalate this issue to Nodal Officer of Indian Bank and ask them to reverse charges for Cheque Bounce. Tell them it's your first time depositing a cheque and had no prior knowledge, Please do it as a one time service gesture.

 

[Gajakumar]

this is fine. just drop the cheque in the dropbox of any AU branch. write your mobile no. in the back.

you can get redressal from PNO/BO.

My AU Bank account is closed how could I get the amount?

 

[Gajakumar]

this is fine. just drop the cheque in the dropbox of any AU branch. write your mobile no. in the back.

you can get redressal from PNO/BO.

Pls explain PNO or BO

 

[Gajakumar]

So, they mentioned your name along with AU Bank details on the cheque. But account is already closed, is the understanding right?

You went ahead and deposited the cheque with Indian Bank and it bounced.

Yes, because they specifically mentioned AU Bank account but you deposited with Indian Bank.

Ask RTA to send cheque in your name without account information.

Finally I am getting some hope. Will mail the RTA about the issue. Will see what happens.

 

[RAMESH BABU N]

RETURN the cheque to the sender (RTA of that company). Along with details of your NEW BANK ACCOUNT. After updation, ask them to reissue the amount either electronic or physical.

Unless n until those details are changed in their books, you can not get that amount.

 

[RAMESH BABU N]

Writing to NO/PNO/RBIO will be of NO USE. Do not waste your time on that.

Get the details updated at RTA's end. There is no other way out.

 

[desiviru]

I hope you have dividend warrant with you. If it was electronic, then mail must have been sent by company. Use that mail as proof.

Edit: So I read you have the cheque. Ask the registrar (RTA) to reissue the cheque either with new bank details or ask them to don't mention account at all.