Grandfather’s Hidden Asset Makes Bengaluru Woman A Crorepati Overnight; Here's How

The number of L&T shares Priya inherited increased ninefold, leading to a significant rise in their value. According to First Post, the shares were valued at approximately Rs 1.72 crore

During the COVID-19 pandemic, a transformative event unfolded for a woman named Priya Sharma. As the pandemic restricted daily activities and created an environment of enforced isolation, Priya revisited her family’s financial matters. While sorting through her grandfather's will, she discovered a set of shares that had been neglected and left unmonitored for a considerable period. 

In 2004, Priya's grandfather invested in 500 shares of Larsen & Toubro (L&T), which had been left untouched and largely forgotten over the years. Due to their long dormancy and lack of active management, they accumulated considerable value over time. As a result, what initially seemed like a forgotten asset became a financial blessing for Priya.

According to a report by First Post, Priya inherited more than just 500 L&T shares. Due to bonus shares and stock splits, her total stock holdings have now increased to 4,500 shares.

The number of L&T shares Priya inherited increased ninefold, leading to a significant rise in their value. According to First Post, the shares were valued at approximately Rs 1.72 crore.

Retrieving this long-forgotten asset proved to be challenging. Priya, now residing in Bangalore, faced numerous obstacles in locating her grandfather’s records and initiating the probate process in Mumbai.

She started by contacting L&T, which required her to complete several administrative steps. Realising she needed professional assistance, Priya enlisted the help of Share Samadhan, a company specialising in recovering lost investments. Share Samadhan meticulously reviewed her paperwork, including her grandfather’s will, to facilitate the recovery process.

“We learned that since the number of shares was substantial and the client did not have original shares in possession, it was going to be a tough task since the company would have to do multiple verifications. Further probate of the will was also required to be done,” Share Samadhan told Firstpost.

The initial and most crucial task was to secure a probate for the will. According to the report, Share Samadhan collaborated with L&T to update Priya’s KYC (Know Your Customer) information and obtain the detailed shareholding statement needed for the probate process in Mumbai.

After acquiring the probate, L&T identified a discrepancy between the name on Priya’s grandfather’s official documents and the name on the share certificate. To address this issue, an affidavit was required.

Given the high value of the shares, L&T also required a surety bond and a financial guarantee before issuing duplicate shares. Priya eventually found a distant relative to provide this guarantee. To prevent fraudulent claims, L&T required an in-person verification, which was completed alongside the negotiation and submission of necessary evidence.

After more than a year of diligent effort, Priya recovered her grandfather’s lost wealth and received a duplicate certificate from L&T.