Karachi: Shareholders of Nazir Cotton Mills Limited and Mari Petroleum Company Limited have reported lost share certificates, prompting action from their respective management as detailed in recent disclosures from the Pakistan Stock Exchange. On July 12, 2024, both companies acknowledged the loss, announcing plans to issue duplicate certificates if no claims are made within a stipulated period.
In a situation involving Nazir Cotton Mills Limited, the company has received an indemnity claim from the legal heir of Mian Shahzad Aslam, a deceased shareholder. The heir reported the loss of two share certificates representing a total of 2.27 million shares. The certificates, numbered 9 and 382, collectively amount to the holdings of Mian Shahzad Aslam under folio number 12. According to the report, if no claims are made against these certificates, duplicates will be issued after seven days from the notification date issued by the Pakistan Stock Exchange.
Similarly, Mari Petroleum Company Limited is dealing with a report from Mr. Muhammad Hanif, who has lost five share certificates totaling 2,273 shares. The shares under folio number 12091 are split across certificates numbered 52561, 53239, 53877, 54641, and 55165. As with the case of Nazir Cotton Mills, Mari Petroleum has also stated that duplicates will be issued unless claims are filed within the same seven-day period following the PSX circular.
According to information available from the Pakistan Stock Exchange (PSX), the process for handling lost share certificates involves a formal indemnity claim from the shareholders, after which a waiting period is enforced to allow any potential claims from other parties. If no such claims are received, the process of issuing duplicate certificates begins to restore the holdings to the affected shareholders.
Both incidents highlight the procedural steps taken by listed companies in response to shareholder mishaps involving share certificates. The cases of Nazir Cotton Mills and Mari Petroleum reflect the safeguarding measures embedded within the Pakistan Stock Exchange regulations, aimed at protecting shareholder interests while maintaining market integrity.