MCS blames incorrect demat details

MCS, the registrar in the recent ONGC issue, has said though majority of the allotment/refund work has been completed, some applications are still pending disposal because investors have either given incorrect demat identification numbers, or the demat accounts had not been activated when files were uploaded.

All such pending ONGC shares have been transferred to the ONGC escrow account on April 8.

S K Rateria, MCS promoter and director told Business Standard: "Credit has been given to the respective accounts and all refunds have been despatched on April 5." He added that some residual cases were pending and were being sorted out on a case-to-case basis.

Out of the record 7.5 lakh applications, only about 25,000 cases are still pending.

A few cases are also pending because of incorrect data capturing. MCS claims to have written to all such investors on April 7, asking them to furnish the correct data.

MCS had asked the depositories to reverse the entire allotment file when it was found out that certain accounts of high networth individuals had erroneously been over-credited.

Despite the reversals, some of the over credited shares could not be debited from the investors' accounts as these shares had already been transferred out of the accounts.

Out of the 4.8 lakh shares that could not be recovered from the investors on March 29, most of the shares have been recovered, Rateria said and added that only around 1.84 lakh shares are yet to be recovered.