Have explained the process above:
Can i buy more than the existing shares ? more over why i have not received notification in my Klite or as email ; i was surprised when it disappeared from portfolio . If for passive users like me missed would have lost all the amount invested so far in Suzlon PP??
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@ShubhS9 Hi,
Can you please explain the process for making final payment for the Suzlon RE’s.
We understand we need to pay from the website of SCB’s but how in each website.
Can you talk about the process post logging in?
Hi @Hemant_Khurana, the application process is same as applying for IPOs using Netbanking ASBA. You can check this post to know the process.
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I forgot the last date of payment of suzlon re, so what happened to my 8545 shares which I have bought from 1st partial payment?
The following are the consequences of non-payment of First and Final Call / partial
payment:
(a) Interest @ 8.00 % (Eight per cent only) p.a. will be payable for delay in payment of
First and Final Call beyond March 23, 2023 till the actual date of payment;
(b) The partly paid-up equity shares of the Company currently held by you, including
the amount already paid thereon are liable to be forfeited in accordance with the
Articles of Association of the Company and the Letter of Offer dated September 28,
2022 read with Addendum dated October 10, 2022
@ShubhS9 Hii Sir,
I forgot the last date of payment of Suzlon RE, So what happened my shares which I have bought from 1st partial payment? They are worthless or any other way to recover this ? Kindly guide me ASAP. because i have lots of quantity and i forgot apply in 2nd call.
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company will keep on sending reminders to pay perhaps with or without interest …you can pay till you get FINAL REMINDER CUM FORFEITURE NOTICE. PP share & Danger of not paying call money on time (1) your shares remain blocked for trading till you pay (2) at final reminder cum forfeiture notice options are limited , normally by a cheque at collection center (3) even now if you fail to pay your shares get forfeited
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Thank you so much
Thank you @aniln for the details - this makes sense as long as they keep the process consistent with other companies did. I used RIL as an example for their rights issue (refer https://www.ril.com/DownloadFiles/FinalRemindercumForfeitureNotice/FRCFNI.pdf). Some questions I am trying to get answers on:
- How do we pay now that the ASBA window is closed? The RIL FINAL REMINDER CUM FORFEITURE NOTICE indicates there will be a separate link that will be open (which is not yet available for Suzlon?) or a DD may be submitted. Unfortunately Suzlon seems to be doing a poor job compared to how RIL ran the rights issue.
- Will the physical ASBA still be accepted?
- If physical ASBA will be accepted - how to calculate the interest % (is this something the bank accepting the ASBA request can advise on)
I did send an email to [email protected] as mentioned on the Suzlon ASBA form but have not received a reply so far. I also tried calling up Kfintech but am receing a boilerplate response with info I already know. I also tried reaching out to Zerodha support but honestly they may only help/guide out of good will as this is more a process that KFinTech manages. I am also going to reach out to get a better understanding of the process to the ICICI Demat desk as they manage my 3 in 1 account - however I doubt I will get support given I dont hold Suzlon in their demat account.
I would be very greatful if anyone has successfully navigated this problem and can provide more information.
cc. @Renish
Nowadays most companies do not charge interest on call money demand on partly paid share …you have to wait for reminder notice and during schedule , you have to handover the duly filled demand slip along with a cheque at collection center in your town .
i did similar in a recent rights issue where i failed to pay call money on time .
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Thank you again @aniln - I got a response from KfinTech along the same lines just a few minutes back.
Dear Sir/Madam
Unit : SUZLON ENERGY LTD - FINAL CALL MONEY
Sub : QUERIES REGARDING PAYMENT OF CALL MONEY
Folio or DP ID/Client ID:
Greetings from KFIN Technologies!!
We thank you for writing to us.As you must be aware, payment for the First and Final Call Money without interest was closed on March 23, 2023. Now the Company is in process of reconciliation, finalising and other formalities with respect to conversion of partly paid-up shares to fully paid-up shares and accordingly give credit of the fully paid shares to the respective account of the shareholders who have made payment within due date.
Post completion of all such formalities, the Company would send a communication to such shareholders who have not paid the First and Final Call within due date, with details of interest on delayed payment, mode of payment, etc.
As already stated in the First and Final Call Notice, following are the consequences of non-payment of the First and Final Call / Partial Payment:
1.Interest @ 8.00 % (Eight per cent only) p.a. will be payable for delay in payment of the First and Final Call beyond March 23, 2023 till the actual date of payment;
2.The partly paid-up equity shares of the Company currently held by you, including the amount already paid thereon are liable to be forfeited in accordance with the Articles of Association of the Company and the Letter of Offer dated September 28, 2022 read with Addendum dated October10, 2022;.
3.If the amount paid is less than the First and Final Call due, such amount will be adjusted @ ₹ 2.50 per partly paid-up equity share and the balance money which cannot be adjusted for a whole share will be refunded / unblocked and such Shareholder will be deemed “in arrears of payment of First and Final Call” to the extent of partly paid-up equity shares on which the First and Final Call remains unpaid and the consequences of failure to pay the First and Final Call (as stated in point no.1 and 2 above) would apply to him
This is for your kind information.
Thank you and assuming best services all time.
Best Regards,
KFin Technologies Limited
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Hi, I applied for suzlon pp shares on ipo date and i was allotted 6885 shares, by paying 2.5 rs per share. i have sold all my 6885 shares on 21st of January. Please tell me what to do now? should i pay the remaining amount?
If you’ve sold the partly paid shares, you are not required to pay the call amount. This will be paid by the buyer if the shares.
I failed to pay final call of SUZLON rights issue what happens next
HI @MayurBennadi ,
I missed the final call payment becuase i didnt receive any mail on that .IS it that i have lost all my RE becuase i didnt pay in time ? is there any aleternative
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Hi @Varun_Kothari @kpdarbha, for those who failed to make the payment for partly-paid shares, the company will open another window at a later date. You can make the payment then.
I am facing the same problem