[Resolved]  Reliance Enterprises Ltd — Transmission of shares

A copy of letter to Company follows. Can anyone help people like me?

"The Board of Directors
Farm Enterprises Ltd.
506 Chiranjeev, 43 Nehru Place
New Delhi 110019

Dear Sirs

SUB: REQUEST FOR TRANSMISSION OF ONE (1) SHARE

REF :KCPL/REL-FP/PROC/F-784991/TD-4000457/01
DTD 08th March 2008

Folio No: 991058

I am a senior citizen, over 75 years old. My late husband passed away in 1995. He was always an ardent backer of Late Mr. Dhirubhai Ambani and invested in every issue of every company floated by him right from the initial public offer in the seventies of Reliance Textile Industries Ltd.

It was his faith in late Mr. Ambani as a champion of shareholders that got us shares of Reliance Enterprises Ltd. We also applied for each rights issue, consolidation and every such corporate action.

After my husband’s demise, this faith in “Reliance” was kept up as I did not face any difficulty in transmission of the company’s shares. All shares of all group companies were transmitted, except 1 (ONE) share in Reliance Enterprises Ltd. which was left out through an oversight.

When I applied for transmission of this 1 (ONE) share, your share transfer agents sent me a list of documents required. Compliance entailed expenses of almost Rs.250/- on stamp paper, typing charges and cost of notarizing, without counting my time, effort and transportation costs and the time of my family members and the sureties. However I complied and sent all the necessary documents.

Now I have received a letter from Karvy stating that I will have to go through the entire process again with fresh papers for the 1 (ONE) 12% preference share of Rs.10/- of Farm Enterprises Ltd. Going by the current interest rate of 10% being offered to senior citizens by banks, I would be better off investing the Rs.250/- and getting Rs.2/- per month than the Re.1.20/- per year your share would offer me.

I hereby nominate your company and your Registrars for the most thoughtless, heartless and ridiculous corporate action. I am sure that Mr. Dhirubhai Ambani’s soul would be shocked to know the kind of treatment being meted out to his shareholder’s family. The only saving grace is that you have removed the name “Reliance” or even he would not have been able to withstand the shock.

I am marking a copy of this letter to everyone I can think, in the hope that someone will take necessary steps to ensure that no other poor investor is harassed in this way again.

Regards, with the assurance that I will not trouble you with issue again as I am sure the time you would require to process this is worth more than the share is worth. I shall retain this document as the ultimate certificate of shareholder harassment.

Yours regretfully


(Asha Virmani)
Wd/o Late Lt Col M R Virmani