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" Custodian of Enemy Property " ( Pakistan ) Shareholders of Indian Companies
After the division of the country many share holders became citizens of Pakistan. After 1965 the share holdings of Pakistan based share holders were " frozen " and a Government department " Custodian of Enemy Properties " was created to handle these shareholdings .
After the division of the country many share holders became citizens of Pakistan. After 1965 the share holdings of Pakistan based share holders were " frozen " and a Government department " Custodian of Enemy Properties " was created to handle these shareholdings .
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Some of the Pre 1947 companies :-
WIPRO ( then known as Western India Products Limited )
Tata Steel ( Tata Iron and Steel Co. Ltd or TISCO )
Binani Metal Limited of Braj Binani Group ( Earlier Multimetal etc ) Holding Company of Binani Industries Binani Zinc etc
PNB Finance And Industries Limited ( then The Punjab National Bank Limited )
Bharat Nidhi Limited ( then Bharat Bank Limited )
Sukhjit Starch And Chemicals Ltd . ( Phagwara )
and many more.
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There is no useful purpose being served to keep these shares " frozen ". ( Only the promoters stand to gain with no benefit to common investors ).
http://rareindianshares.blogspot.com/search…
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http://www.sify.com/…/Office-of-custodian-of-enemy-property…
The descendants of original holders in Pakistan should be allowed to trade in these shares. For this purpose a branch office of BSE / NSE should be opened in Pakistan or a neutral country like Dubai.
( We feel very proud to recount that after partition , Prime Minister Liaqat Ali Khan of newly created Pakistan had invited MH Premji father of Azim Premji ( of WIPRO ) to come to Pakistan where he was offered the post of Finance Minister of Pakistan . Well ,the senior Premji refused saying that he would not leave his Motherland India )
ReplyDeleteGreat Indians like Munjals and Sunil Bharti Mittal have created more wealth for India than total assets Pakistan nationals may have left in India.