Larsen & Toubro is one of India's oldest and most widely held blue-chip stocks, with shareholders going back to the 1960s. If you or a family member holds L&T shares from decades past and has not been receiving dividend cheques, unclaimed dividends — and even the shares themselves — may have been transferred to IEPF.
By RK Gupta, Company Secretary · Updated June 2026 · 12 min read
Larsen & Toubro Limited (CIN: L99999MH1946PLC004768) was incorporated in 1946 and listed on the Bombay Stock Exchange well before India's capital markets took their modern shape. By the 1970s and 1980s, L&T had become a household name among retail investors, especially those who understood the value of holding blue-chip industrial stocks. Many families purchased L&T shares through IPOs, rights issues, or simply through the secondary market — and held on to physical share certificates for decades.
The company's registered office is at L&T House, Ballard Estate, Mumbai 400001. This address is relevant to you because the Nodal Officer for L&T's IEPF claims operates from here. All physical documents related to IEPF claim submissions must be sent to this address after filing Form IEPF-5 online.
L&T trades on both NSE (ticker: LT) and BSE (scrip code: 500510). As of recent years, it is consistently among the top 10 stocks by market capitalisation in India, which means shares purchased decades ago at a few hundred rupees are worth substantially more today — making the recovery of L&T unclaimed dividends and transferred shares a financially meaningful exercise for most families.
One detail that trips up many investors — particularly legal heirs handling old physical certificates — is that the number of shares shown on an old certificate is not the same as what the current holding would be. L&T has issued bonus shares on multiple occasions over its listed history, effectively multiplying the share count for all registered shareholders at those points in time.
A 1:1 bonus issue means every shareholder receives one free share for every share held. If your family held 100 shares of L&T in 1980 and there have been multiple bonus issues since then, the current entitlement could be several hundred or even several thousand shares — depending on the exact issuance dates. L&T has also undertaken stock splits in its history, further altering face value and share count.
This matters for two reasons. First, when you approach MUFG Intime (L&T's RTA) or file with IEPF, the folio will reflect the adjusted share count — not the original certificate count. Second, if shares have been transferred to IEPF, the IEPF holds the bonus-adjusted quantity, not just the original. This makes recovery all the more worthwhile.
MUFG Intime India Pvt Ltd is the renamed entity of Link Intime India Pvt Ltd, following the acquisition of Link Intime by MUFG (Mitsubishi UFJ Financial Group). For L&T shareholders, the practical point of contact remains the same: the investor portal at linkintime.co.in and the MUFG Intime physical offices.
MUFG Intime's registered office is at C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli West, Mumbai 400083. Their dedicated investor helpline handles queries about folio numbers, share transfers, dividend status, and address or bank detail updates. For L&T shareholders outside Maharashtra, MUFG Intime has branch offices and collection centres in major cities including Delhi, Kolkata, Chennai, Bengaluru, Ahmedabad, and Jaipur.
Before calling or visiting MUFG Intime, keep your folio number and PAN handy. If you have a physical share certificate, note the distinctive numbers printed on it — these help the RTA trace the exact holding in the register.
Under Section 124 of the Companies Act 2013 and the Investor Education and Protection Fund (IEPF) Authority rules, any dividend that remains unclaimed for seven consecutive years is first transferred to a special account — the Unpaid Dividend Account — and thereafter to IEPF. The shares corresponding to those unclaimed dividends are also transferred to the IEPF demat account.
For a company like L&T, which has been paying dividends consistently since the 1960s, this creates a large pool of unclaimed funds from shareholders who:
Once seven consecutive years of unclaimed dividends stack up, L&T transfers both the dividend amount and the corresponding shares to IEPF. The shares are credited to the IEPF Authority's demat account maintained with NSDL. From that point, the only way to recover them is through the formal IEPF-5 claim process.
There are three ways to verify whether L&T dividends in your name (or a deceased family member's name) are unclaimed or already transferred to IEPF.
Visit investors.larsentoubro.com and navigate to the Shareholder Services or Investor Relations section. L&T publishes the list of shareholders with unclaimed dividends, along with its annual report, as required by SEBI. You can search by name or folio number. The portal also contains dividend history, enabling you to identify which years' dividends are outstanding.
At linkintime.co.in, go to the Investor Services tab and select "Unclaimed Dividend." You can search by PAN, folio number, or the registered name. MUFG Intime maintains the shareholder register for L&T and can tell you whether dividends for specific financial years remain unclaimed and whether the holding has been transferred to IEPF.
If shares have already been transferred to IEPF, they will appear in the IEPF Authority's database at iepf.gov.in. Click on "Claim Refund" or use the shareholder search to look up by company name (Larsen & Toubro Limited) and shareholder name or folio number. This confirms what has moved to IEPF and is pending your claim.
If the dividend has not yet completed seven years in the Unpaid Dividend Account, it is still held by L&T (through MUFG Intime) and you can claim it directly — without going through IEPF.
For deceased shareholders, you must first complete the share transmission process before claiming dividends. The legal heir must submit Form SH-13 (nomination registration), a succession certificate or legal heir certificate, and the death certificate of the original holder to MUFG Intime. Once the shares are transmitted into the legal heir's name, the dividend claim follows the same process above.
If the dividends and shares have already been transferred to IEPF, the process is more involved but entirely doable. Here are the steps:
Keeping all documents ready before you start the IEPF-5 process saves time. Here is what you need:
A large proportion of people who contact us for L&T dividend recovery are children or grandchildren of shareholders who passed away in the 1990s or early 2000s — sometimes even earlier. These cases have additional complexity.
The first step is always transmission — getting the shares moved out of the deceased person's name and into the legal heir's name. Without transmission, you cannot claim dividends or IEPF shares. Transmission is handled by MUFG Intime and requires the following documents at minimum:
Once transmission is complete and the shares are in the legal heir's name (or in their demat account), the IEPF-5 can be filed for any shares that moved to IEPF before or after the original shareholder's death. The timeline for transmission alone can be 45–90 days, so plan ahead.
If the certificate has been lost in addition to the holder being deceased, the complexity increases further — you need a duplicate certificate first, or an indemnity bond in lieu of the certificate. Our Lost Share Certificate service addresses this step specifically.
Lost or damaged share certificates are a common problem with old L&T holdings. The process to handle this depends on whether the shares are still in physical form or have already been moved to IEPF.
If the shares are still in physical form (not transferred to IEPF), you need to apply to MUFG Intime for a duplicate certificate. This involves: filing an FIR with the local police station regarding the lost certificate, executing a surety bond and indemnity bond on stamp paper, submitting an advertisement in a newspaper declaring the loss, and then submitting Form SH-4 (request for duplicate certificate) to MUFG Intime along with the above documents. The fee for duplicate issuance is typically Rs. 10 per share (subject to changes), with a minimum fee applicable.
If the shares have already been transferred to IEPF, you do not need a duplicate certificate. Instead, you submit an indemnity bond in lieu of the original certificate as part of your IEPF-5 filing. This simplifies things, but the indemnity bond must be on appropriate stamp paper and properly notarised. Our team assists with the correct drafting of these documents — get in touch via WhatsApp for case-specific guidance.
Before claiming dividends — whether from L&T directly or through IEPF — make sure your records with MUFG Intime are up to date. SEBI has made it mandatory for all shareholders to link their PAN, Aadhaar, bank account, and email/mobile number with their demat account and folio. Failure to complete this KYC can result in dividend payments being frozen or rejected.
Submit Form ISR-1 for KYC update, Form ISR-2 for updating bank mandate, and Form ISR-4 for any changes to signature or address. These forms are available on the MUFG Intime website at linkintime.co.in under "Investor Services > Forms." You can submit them physically to any MUFG Intime branch or by post to their Mumbai office.
If you are converting physical L&T shares to demat at the same time — which is advisable and increasingly necessary — the KYC process for the folio and the demat account should happen in parallel to avoid delays. Read more about this at our Physical Shares to Demat service page.
The honest answer is: anywhere from 60 days to six months, depending on how complete your documents are and how quickly L&T's Nodal Officer processes the verification. The IEPF Authority has improved processing times in recent years, but delays happen — especially for old claims involving deceased shareholders where succession documents need scrutiny.
The key bottlenecks are typically at two stages: the L&T Nodal Officer verification (who has 30 days under rules to submit their report to IEPF Authority), and the IEPF Authority processing itself. If the Nodal Officer raises a query or asks for additional documents, the clock resets on that stage.
Submitting a complete, well-organised document set is the single most effective way to speed things up. Incomplete submissions are the primary reason for delays and rejections.
Yes. A single Form IEPF-5 submission can cover multiple financial years of unclaimed dividends for the same company and the same folio. You list all the relevant financial years in the form. The dividend amounts for all listed years are returned together to your bank account after the claim is processed.
If you have shares in multiple folios — for example, if L&T shares were held jointly with different co-holders across different folios — each folio requires a separate IEPF-5 filing. The joint holder configuration also matters: in a joint holding, the claim must be filed by the first-named holder, and all joint holders must sign the Advance Stamped Receipt.
Depending on your specific situation with L&T shares, you may need one or more of the following services:
CS Rajendra Kumar Gupta assists L&T shareholders with documentation, IEPF filings, and transmission cases. 30+ years experience. Based in Jaipur.
WhatsApp for L&T Help Call 9435529102Questions Indian investors ask about L&T unclaimed dividend recovery
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