During the COVID-19 lockdown in 2020, Priya Sharma, a Mumbai resident, experienced a life-changing discovery while reviewing her grandfather’s will. She stumbled upon forgotten shares of Larsen & Toubro (L&T), a prestigious construction company. In 2004, her grandfather acquired 500 shares of L&T, which had remained untouched and forgotten for years, steadily increasing in value over time.
According to First Post, Priya inherited not just 500 L&T shares but eventually 4,500 stocks, thanks to bonus shares and stock splits. A stock split increases the number of shares while maintaining the same investment value, whereas bonus shares are additional shares given to current shareholders at no extra cost.
As the number of L&T shares grew ninefold, their value skyrocketed. First Post reported that the stocks were valued at approximately Rs 1.72 crore.
However, retrieving this long-lost fortune was no easy feat. Now residing in Bangalore, Priya faced several challenges in obtaining her grandfather’s records and initiating the probate process in Mumbai. She began by contacting L&T, which required her to complete numerous administrative tasks. Realizing the complexity, Priya sought professional assistance from Share Samadhan, a company specializing in recovering lost investments.
Share Samadhan meticulously reviewed Priya’s paperwork, including her grandfather’s will. They discovered that the substantial number of shares and the absence of original share certificates would necessitate multiple verifications and probate of the will.
The first critical task was obtaining the probate. Share Samadhan collaborated with L&T to update Priya’s KYC data and secure the comprehensive shareholding statement required for the probate in Mumbai. During this process, L&T identified a discrepancy between her grandfather’s formal documents and the name on the share certificate, necessitating an affidavit for reconciliation.
Due to the high value of the shares, L&T required someone to sign a surety bond and act as a financial guarantor for issuing duplicate shares. Priya found a distant relative to take on this responsibility.
To prevent fraudulent claims, L&T insisted on in-person verification, which was completed alongside the negotiation process and the submission of necessary evidence. After over a year of persistent efforts, Priya successfully retrieved her grandfather’s lost wealth and received a duplicate certificate from L&T.
