Delhi Man Turns Overnight Millionaire After Discovering Rs 60 Lakh Worth of Reliance Shares

delhi man turns overnight millionaire after discovering rs 60 lakh worth of reliance shares

Anil Raghu (name changed) is a Delhi-based salaried professional who recently received shares of Reliance Industries Limited (RIL) from his uncle. Raghu’s uncle was residing in Mumbai and he had no children and thus he had left all his assets including RIL shares for his nephew. However, he did not have any original shares certificates. Since his uncle was residing in Mumbai and Raghu was residing in Delhi, he had limited access to his uncle’s documents.

Times Now Digital spoke to Vikash Jain, Co-Founder & Director at Share Samadhan who helped him in recovery of shares which his uncle had mentioned in his Will. “We made diligent research on the basis of details of Raghu’s uncle and fortunately could find details of some more shares in his uncle’s name. But the next challenge was to get the Probate of Will in favor of Mr. Raghu. We first initiated communications with all the companies and got the details of shareholding. Once we had details of all the shareholding, we had to move for Probate of Will. Mr. Raghu introduced us with his family lawyer and we coordinated with him and after a long legal battle in Mumbai, his lawyer provided us with Probate.”

But still the battle was half won. “We had to communicate again with all the registrar of Reliance Industries Ltd and fulfil their requirements of Duplicate and Transmission of shares,” Jain added.

Since the value of shares were high which was about Rs 60 lakh, the company was scrutanising documents very minutely and also insisted for personal verifications of claimant. There was some difference in the name of Raghu’s uncle on share certificate and name of death certificate. Company asked to justify the difference in name. But since it was a clerical error, it was difficult to provide any proof for difference in name. But finally the company agreed for the same against an Affidavit for the difference in name.

“We complied with all the formalities including personal verifications. The company also asked for somebody to stand as guarantor for duplicate issue of shares, since it was a high stake case. We had a tough time to arrange the guarantor, but finally we could get through the same and companies finally issued the shares in favor of Mr. Raghu,” Jain explained further.

It was a fortune for Raghu and also an emotional moment as his uncle had left his investments from hard earned money in his name by making a will in his favor.