How to Convert Old Force Motors Share Certificates to Demat and Recover Them from IEPF

To convert an old Force Motors or Bajaj Tempo share certificate to demat, open a demat account in exactly the name printed on it, update your KYC with Force Motors’ registrar, MUFG Intime India (formerly Link Intime), and hand the certificate in through your broker or bank with a Demat Request Form. Old Bajaj Tempo certificates are still valid: Bajaj Tempo is the same company, renamed Force Motors in 2005. If the shares have already moved to the IEPF, you claim them back with Form IEPF-5.

And an old certificate is usually worth far more than the number printed on it. Force Motors gave its shareholders free bonus shares three times: one for one in 1973, 1978 and 1986. So every share registered before 1973 is 8 shares today. A holding of 100 such shares is 800 shares now, worth about ₹1.39 crore at the 25 September 2026 price of ₹17,388. The bonus shares came on separate certificates, so the paper in your hand may show only part of the holding.

Force Motors also pays a dividend every year, ₹50 a share for 2025–26. When a folio does not cash any dividend for seven years in a row, its shares are moved to the IEPF. The next batch is due to move on 22 October 2026. This guide covers every case: what your certificate is worth, how to demat it, how to check and claim from the IEPF, lost certificates, duplicates, joint holders and shares of a holder who has died. If you would rather we checked your certificates for you, start with Find Your Shares.

How many Force Motors shares does an old certificate represent today?

It depends on when the shares were first registered in your family’s name. A share registered before 1973 is 8 shares today; before 1978, 4; before 1986, 2; after 1986, just 1. That is because Force Motors, then Bajaj Tempo, issued one free bonus share for every share held in 1973, in 1978 and again in 1986. Each bonus doubled the holding, and each bonus was on top of the last.

One point people often get wrong: the bonus shares were never hidden inside the old certificate. Each bonus arrived as a new certificate of its own, posted to the holder at the time. So there are two ways a family ends up holding its Force Motors shares:

• You have all the certificates: the original and every bonus certificate. Add up the numbers printed on them. Do not multiply them as well, or you count the bonuses twice.
• You have only the original certificate: multiply it using the table. The difference between that figure and what you hold on paper is the bonus certificates that are missing. They may be in another cupboard, still with the company, or already in the IEPF. They are still yours.

What matters is the date the shares were registered in your family’s name, not only the date printed on the certificate. If the purchase was in a bonus year (1973, 1978 or 1986), the company’s register decides which side of the bonus the shares fall on.

Certificates from the 1960s, or with a face value of ₹100, need the folio checked. The company’s share capital changed several times in its first decade, and its earliest shares had a face value of ₹100 before the ₹10 shares that exist today. For these, a share is at least 8 shares today, but the register gives the exact figure. The registrar can work it out from the folio, or we can.

What is Force Motors’ bonus, rights and split history?

Three bonus issues, two rights issues, one change of name, and no split. Here is every event that changed what an old Force Motors or Bajaj Tempo shareholder holds, from the company’s own records and exchange records:

The rights issues are where families most often go wrong. A rights issue is not free. The holder had to fill in the form and pay ₹100 for each new share, so they only exist if someone in the family paid. If they did, the rights shares came on their own certificates, dated 1994 or 1996. Those certificates count one for one: there has been no bonus since 1986, so nothing multiplies them.

There have been no bonus issues, splits, mergers or demergers since. Force Motors’ share count today is the same as it was twenty years ago.

What are 100 old Force Motors shares worth today?

Between about ₹17.39 lakh and about ₹1.39 crore, depending on when they were registered. These figures use the 25 September 2026 price of ₹17,388 a share and the ₹50 dividend for 2025–26. Share prices move every day, so treat the rupee values as a guide.

A family example

Say a grandfather bought 50 Bajaj Tempo shares in 1970. The 1973 bonus added a certificate for 50, the 1978 bonus one for 100, and the 1986 bonus one for 200. That is 400 shares across four certificates, about ₹69.55 lakh today.

If he also paid for both rights issues, he received 200 more shares in 1993–94 and 200 more in 1996. That makes 800 shares on six certificates, about ₹1.39 crore today, earning about ₹40,000 a year in dividends. Most families find only one or two of those six papers. The folio in the company’s register still shows all of them.

Is an old Bajaj Tempo share certificate still valid?

Yes. Bajaj Tempo Ltd and Force Motors Ltd are the same company, so a Bajaj Tempo certificate is a Force Motors share, and you can demat it as it is. Only the name changed. Shareholders approved the new name at a meeting on 5 April 2005. No new certificates were needed, and the folio number, the share count and the registrar’s records all carried over.

The company goes back to 1958. It was set up by N. K. Firodia, and began by making Tempo three-wheelers, the Hanseat, at Goregaon in Mumbai. The Tempo Viking and the Matador vans followed in the 1960s. Today its registered office is at Akurdi in Pune. So a family’s papers can carry the Bajaj Tempo name from the 1960s to 2005 and the Force Motors name after that. They all belong to one folio or set of folios with the same company.

When you hand in a Bajaj Tempo certificate for demat, the registrar matches it to the Force Motors register by the folio and the certificate’s distinctive numbers. You do not need a letter explaining the change of name.

What did Force Motors shareholders not get?

Force Motors has never given its shareholders shares in any other company. Exchange records show no merger, demerger or spin-off. Because the names overlap with well-known companies, people often assume otherwise. Here is what did not come with Force Motors or Bajaj Tempo shares:

• Bajaj Auto, Bajaj Finance or any other Bajaj group company. Despite the name, a Bajaj Tempo certificate is a Force Motors share only. If your certificate says Bajaj Auto, that is a different company with its own registrar. See our guide to recovering Bajaj Finance shares.
• MAN Force Trucks. From 2006 the heavy truck business was moved into MAN Force Trucks, a private joint venture with Germany’s MAN, and Force Motors later sold its stake to MAN. Shareholders received nothing from it, and it does not affect your share count.
• The engine joint ventures and plants for Mercedes-Benz, BMW and Rolls-Royce Power Systems. These are Force Motors’ own businesses or partnerships. They never issued shares to ordinary shareholders.
• The Tempo name. Tempo was a German company whose vehicles were made under licence. There are no “Tempo” shares to claim apart from Bajaj Tempo, which is Force Motors.

If you hold certificates of another company with a similar name, they are separate holdings with their own registrars, not part of your Force Motors folio.

How do you check and claim an unclaimed Force Motors dividend?

Check the unpaid dividend lists on Force Motors’ investor website, then claim from MUFG Intime India if the dividend is less than seven years old. Force Motors pays a dividend every year. Any dividend that is not cashed goes into an unpaid dividend account and waits there for seven years. After that it moves to the IEPF.

Step 1: find out what is unclaimed

• Force Motors’ investor website publishes the lists of unpaid dividends and of shares due to move to the IEPF, under “Shareholder’s Information”. Force Motors investor page.
• The IEPF Authority’s search at iepfa.gov.in shows dividends and shares that have already moved. How to search the IEPF step by step.
• Search under every spelling of the holder’s name, and under “Bajaj Tempo” as well as “Force Motors”.

Step 2: claim a dividend that is less than seven years old

Write to MUFG Intime India, Force Motors’ registrar, with the folio number, the dividends you did not receive, a cancelled cheque and a self-attested copy of your PAN card. Force Motors sends a claim form with its reminder letters, and you can use it. For shares already in demat, send your client master list instead of the folio details.

Complete the folio’s KYC first. Since 1 April 2024, a paper folio is paid its dividend only electronically, and only if its KYC (PAN, bank account, contact details and signature) is complete. Without it the dividend is simply held back, and seven years of held-back dividends sends the shares to the IEPF.

Step 3: a dividend more than seven years old

It has already gone to the IEPF, and the only way to get it back is Form IEPF-5. Force Motors has already sent all unpaid dividends up to 2017–18 to the IEPF. How to recover a dividend from the IEPF.

The bigger point: an unclaimed dividend is a warning about the shares. At ₹50 a share, an old folio misses thousands of rupees a year. But if it misses them for seven years in a row, the shares worth lakhs move to the IEPF too.

How do you convert old Force Motors or Bajaj Tempo certificates to demat?

Open a demat account in exactly the name on the certificate, update the folio’s KYC with MUFG Intime India, then hand the certificates in with a Demat Request Form through your broker or bank. Because Force Motors has never split its shares, an old ₹10 certificate can be dematted as it is, whether it says Bajaj Tempo or Force Motors.

1. Open a demat account in the same name, or the same names in the same order for a joint holding.
2. Update KYC on the folio with Form ISR-1 (PAN, bank, contact details), and Form ISR-2 if your signature has changed. How to fix a signature mismatch.
3. Write “Surrendered for Dematerialisation” on each certificate and sign it as it was signed on the register.
4. Hand in the certificates with a Demat Request Form through your broker or bank. Put every certificate from the same folio on one form, including the bonus and rights certificates.
5. The registrar checks the signature, the folio and the distinctive numbers against Force Motors’ register, and the shares arrive in your demat account, usually within a few weeks if the papers are in order.

Since April 2019, paper shares cannot be sold or transferred until they are in demat. There is no deadline to demat shares already registered in your own name. But the longer they stay on paper, the more likely it is that dividends go unclaimed and the shares move to the IEPF. The rules on physical shares in 2026.

How do you check if your Force Motors shares have gone to the IEPF?

If no dividend on the folio has been cashed for seven years in a row, the shares have very likely been moved to the IEPF. Force Motors moves a new batch every year as each year’s dividend passes seven years unclaimed. The batch due now covers folios with nothing cashed since the 2018–19 dividend, and the due date is 22 October 2026.

• Force Motors’ investor website lists the holders and shares due to move to the IEPF. Force Motors investor page.
• The IEPF Authority’s search at iepfa.gov.in covers shares that have already moved. Search for “Force Motors Limited” and the holder’s name. How to search the IEPF.
• Search every old spelling of the holder’s name, and the joint holders’ names too.
• Expect more than one entry if the family had more than one folio, for example shares bought at different times or held jointly with different people. Each folio moves on its own seven-year clock.

A certificate that the post office returned to the company undelivered may instead be in Force Motors’ unclaimed securities suspense account, which the registrar can check. If you find nothing anywhere, the shares are probably still on the register in the holder’s name, waiting to be dematted.

How do you recover Force Motors shares from the IEPF?

Get an entitlement letter from MUFG Intime India, file Form IEPF-5 online on the Ministry of Corporate Affairs website, then send the signed papers to Force Motors or its registrar for verification. The company checks the claim and sends a verification report to the IEPF Authority, which credits the shares back to your demat account and refunds the dividends.

1. Open a demat account in the claimant’s name. For a joint folio, the same names in the same order.
2. Complete KYC with MUFG Intime India and ask for an entitlement letter. It states how many shares and how much dividend on your folio went to the IEPF. Since October 2025 the entitlement letter is a mandatory part of every IEPF-5 claim.
3. File Form IEPF-5 on the MCA portal and note the SRN, your claim number. How to file IEPF-5 online.
4. Send the physical documents to Force Motors’ registered office in Pune or to MUFG Intime India (marked “Unit: Force Motors Limited”): the signed IEPF-5 printout and acknowledgement, an indemnity bond on stamp paper, an advance stamped receipt, PAN, Aadhaar, a cancelled cheque, your client master list, the entitlement letter, and the original certificates if you have them.
5. Force Motors verifies and reports to the IEPF Authority. The rules give the company 15 days for its report and the Authority 60 days to decide: 75 days on paper. Real claims usually take much longer, because papers go back and forth. What to do when an IEPF claim is stuck.

Claim the whole folio, not the number on the paper. Claim only the 50 printed on a 1970 certificate and you leave 350 bonus shares in the queue. The entitlement letter is based on Force Motors’ register, so it gives the full count, including bonus certificates you may never have seen.

What if the Force Motors share certificates are lost?

It depends on where the shares are now. If they are still with Force Motors, you need duplicate shares. If they have gone to the IEPF, you usually do not.

• Shares still with Force Motors: the registrar must first cancel the lost certificate and issue duplicate shares, credited straight to your demat account. This is the process in the next section.
• Shares already in the IEPF: when paper shares move to the IEPF, they are converted to demat and transferred to the Fund, so the paper no longer counts. There is nothing left to duplicate. You claim with IEPF-5 and the entitlement letter, which is based on the company’s register, not on the paper in your hand.
• Only the bonus certificates are missing: this is very common, and the bonus shares are still on the folio. If the folio’s dividends have been cashed, the shares are still with Force Motors and you apply for duplicates. If they have not, check the IEPF first.

Don’t know the folio number? Old dividend warrants, bank passbooks showing Bajaj Tempo or Force Motors dividend credits, rights issue letters from 1993–94 or 1996, or any company correspondence can give it. With the holder’s name and an old address, the registrar can usually trace the folio. Our lost shares recovery service starts from exactly this point.

How do you get a duplicate Force Motors share certificate?

Apply to MUFG Intime India with Form ISR-4 and the documents SEBI sets for the value of your holding. The duplicate shares are then credited straight into your demat account. SEBI simplified these rules in December 2025, and duplicate shares are now issued in demat only.

What you need depends on what the lost shares are worth today:

• Up to ₹10,000: a simple undertaking on plain paper.
• ₹10,000 to ₹10 lakh: one standard affidavit-cum-indemnity bond.
• Above ₹10 lakh: the affidavit-cum-indemnity bond, plus a police report (FIR, e-FIR or police complaint) that mentions the folio, certificate numbers and distinctive numbers, plus a notice of the loss in a widely read newspaper.

With Force Motors, ₹10,000 does not cover even one share, and ₹10 lakh is only about 57 shares at today’s price. A lost certificate for just 8 shares from before 1973 is 64 shares today, about ₹11.13 lakh, so it already needs the police report and the newspaper notice. Plan for them from the start.

1. Open a demat account first, in the same name (or names) as the folio. Since 2 April 2026 the registrar credits duplicate shares directly into demat. There is no longer a “Letter of Confirmation” to carry to your broker, so the account must exist before you apply.
2. Update KYC on the folio with Form ISR-1, and ISR-2 if your signature has changed.
3. Get the police report and newspaper notice if the holding is above ₹10 lakh. The registrar can give you the certificate numbers if you do not have them.
4. Submit Form ISR-4 to MUFG Intime India with the affidavit-cum-indemnity bond, the police report and notice if needed, and your demat details.
5. The shares are credited to your demat account once the registrar completes its checks. SEBI expects about 30 days for a complete, correct application.

The full process is in our guide to reporting a lost share certificate.

What if the name or spelling on the certificate does not match?

Fix the name on the folio first, before you demat or file an IEPF claim, using Form ISR-1 and a document that proves both spellings belong to you. The registrar, the demat account and the IEPF claim must all show the same name. One mismatch and the papers come back.

This is very common with Bajaj Tempo folios that go back to the 1960s and 1970s. Typical cases:

• Initials on the certificate, full name on the PAN card: “R. K. Sharma” against “Rajesh Kumar Sharma”.
• A woman’s maiden name on the certificate and her married name on everything else.
• Spelling changes over time: “Singh” and “Sing”, “Laxmi” and “Lakshmi”, a dropped middle name or surname.
• Titles and suffixes like “Smt.”, “Dr.” or “HUF” in one place and not the other.

The usual proof is a passport, a marriage certificate, a gazette notification, or a notarised affidavit that both names are the same person. Send it to MUFG Intime India with Form ISR-1. Correct every certificate on the folio at the same time, including the bonus and rights certificates, so they can be dematted together.

How do joint holders convert or claim Force Motors shares?

The demat account must be in the same names and in the same order as on the certificate, and every living holder must sign. The bonus and rights certificates normally carry the same names in the same order as the original.

• Everyone alive and available: open a joint demat account matching the certificates, complete KYC for every holder, and all sign the demat request.
• The names are in the wrong order for the demat account you want to use: ask the registrar to change the order (“transposition”) with Form ISR-4 before you demat.
• One joint holder has died: the surviving holders get the shares by having the deceased holder’s name deleted. You need a copy of the death certificate and the survivors’ KYC. No succession certificate, will or probate is needed for this.
• Every holder has died: this becomes a transmission to the legal heirs of the last surviving holder (next section).

For an IEPF claim on a joint folio, the IEPF-5 and the demat account follow the same rule. If one holder has died, delete their name through the registrar before you file.

What if the Force Motors shareholder has died?

The shares pass to the nominee or legal heirs through transmission, handled by MUFG Intime India, and they are always credited in demat. If the shares have also gone to the IEPF, transmission and the IEPF claim happen together, and the heir files the IEPF-5.

SEBI’s new transmission rules have applied since 22 August 2026. They make this easier than it was:

• Simplified documents for physical shares worth up to ₹10 lakh per listed company, doubled from ₹5 lakh.
• Quick processing for physical holdings up to ₹10,000 where the claimant is a parent, spouse, child or parent-in-law. With Force Motors this does not cover even one share.
• No blanket requirement for probate, and one combined affidavit-cum-NOC in place of separate papers. You still have to prove your entitlement if other heirs dispute it.
• 21 days for the registrar to process once all documents are in.

With Force Motors, the ₹10 lakh limit is reached very quickly. It is about 57 shares today, so even 8 shares from before 1973 are over it. Above the limit you usually need a succession certificate or legal heir certificate, unless there is a nominee or the other heirs give no-objection. Read more in our guides to transmission of shares and transmission without a succession certificate.

Why not just hand the certificates to a local lawyer or agent?

Because a claim is only as good as the holding traced behind it, and with Force Motors the certificate in your hand is rarely the whole holding.

Take the family with one Bajaj Tempo certificate for 50 shares from 1970. A generalist sees “50 shares”, values it at about ₹8.69 lakh, and files on that. Under ₹10 lakh, they choose the simple documents. But the folio holds 400 shares, about ₹69.55 lakh. That is far over the ₹10 lakh line, where a duplicate needs a police report and a newspaper notice and a transmission usually needs a succession certificate. The application comes back and months are lost. And if the folio’s dividends went unclaimed, all 400 shares may already be in the IEPF, waiting for an IEPF-5 claim that nobody has started.

We work the other way round. We trace the complete holding first: the original, every bonus certificate, any rights certificates, every folio, every IEPF transfer. Then a vetted local partner handles the paperwork where you live (affidavits, police report, newspaper notice, succession papers) on the full holding, the first time.

There is also the question of who is paid for what. A lawyer or agent is paid whether or not your shares ever arrive. We are not. Zero advance — you pay only once the shares are credited to your demat account. So we only get paid if the whole chain works.

Force Motors and its registrar’s office are both in Pune, where our local partner can handle the paperwork. Share recovery in Pune. But the IEPF claim itself is decided in Delhi, where the IEPF Authority sits. Our team is in Delhi, so we can follow your file up in person, not by letter from another city. For an IEPF claim, what matters is who is closest to the office that holds your file.

The document is only the start. After it come the KYC, the entitlement letter, the verification, the demat credit, and a transmission if the holder has died. Anyone can get you a piece of paper. We get you the shares. See how our IEPF claim service works.

Dates you should know about

30 September 2026 and 22 October 2026 are the dates for the current IEPF batch. Force Motors asked holders with nothing cashed since the 2018–19 dividend to claim by 30 September, and their shares are due to move to the IEPF on 22 October. A new batch follows every year.

1973, 1978 and 1986 are the years that decide how to read a Bajaj Tempo certificate. Each was a one-for-one bonus. Shares registered before 1973 are 8 today, before 1978 are 4, before 1986 are 2.

1993–94 and 1996 are the years of the paid rights issues. Certificates dated then are rights shares and count one for one.

5 April 2005 is when shareholders approved the change of name from Bajaj Tempo Ltd to Force Motors Ltd. Certificates in either name are the same company’s shares.

4 February 2027 is when SEBI’s special window for old physical transfers closes. It covers transfer deeds signed before 1 April 2019 that were rejected, returned or never processed, for example Bajaj Tempo shares bought on paper and never registered in the buyer’s name. Force Motors has published notices about it. Shares already moved to the IEPF are not covered. The full rules of the window.

Holding other old automobile certificates too? See what happened to old Eicher shares, Bosch (MICO) shares and MRF shares. From Mumbai: old Mahindra & Mahindra shares, where 100 shares from before 1980 are about 4,440 today. Also from Pune: old Kirloskar share certificates, which can now be shares in three companies.

Not sure how many Force Motors shares your family really holds, or whether the bonus certificates have gone to the IEPF? Start with Find Your Shares →

Frequently Asked Questions

Is Bajaj Tempo the same company as Force Motors?
Yes. Bajaj Tempo Ltd changed its name to Force Motors Ltd in 2005; shareholders approved the new name on 5 April 2005. It is the same company with the same shareholders’ register, so an old Bajaj Tempo share certificate is a Force Motors share.

Are old Bajaj Tempo share certificates still valid?
Yes. You can demat a Bajaj Tempo certificate as it is, through your broker or bank, once the folio’s KYC is updated with the registrar, MUFG Intime India. No new certificate or letter about the change of name is needed.

Has Force Motors ever issued bonus shares?
Yes, three times, each one free share for every share held: in 1973, 1978 and 1986. So a share registered before 1973 is 8 shares today, before 1978 it is 4, and before 1986 it is 2. There has been no bonus since 1986.

Has Force Motors ever split its shares?
No. Force Motors has never split its shares, and the face value is still ₹10. An old ₹10 certificate can be dematted without any exchange.

How many Force Motors shares do 100 old shares become today?
It depends on when they were registered. 100 shares from before 1973 are 800 shares today, about ₹1.39 crore at the 25 September 2026 price of ₹17,388. From 1973 to 1978 they are 400 shares, from 1978 to 1986 200 shares, and after 1986 they stay 100.

Were the 1994 and 1996 Force Motors rights shares free?
No. They were rights issues, one new share for every two held in 1993-94 and one for every three in 1996, each at ₹100 a share (₹10 face value plus ₹90 premium). Only holders who applied and paid received them, on separate certificates, and those certificates count one for one today.

Does a Bajaj Tempo certificate give me Bajaj Auto shares?
No. Bajaj Tempo is today’s Force Motors. A Bajaj Tempo certificate gives no claim on Bajaj Auto, Bajaj Finance or any other Bajaj group company. A certificate that says Bajaj Auto is a different company with its own registrar.

Who is the registrar (RTA) for Force Motors?
MUFG Intime India Private Limited, which was called Link Intime India Private Limited until its change of name at the end of 2024. Its Pune office handles Force Motors: demat requests, KYC updates, unclaimed dividends, duplicate certificates, transmission and IEPF entitlement letters.

How do I check Force Motors unclaimed shares and dividends?
Force Motors’ investor website publishes the lists of unpaid dividends and of shares due to move to the IEPF, under Shareholder’s Information. Shares and dividends that have already moved can be searched on the IEPF Authority’s website, iepfa.gov.in. Search under every spelling of the holder’s name, and under Bajaj Tempo as well as Force Motors.

When will Force Motors next transfer shares to the IEPF?
The current batch covers folios with no dividend cashed since the 2018-19 dividend. Force Motors asked those holders to claim by 30 September 2026, and the shares are due to move to the IEPF on 22 October 2026. A new batch follows every year.

How do I claim Force Motors shares from the IEPF?
Open a demat account, complete KYC with MUFG Intime India and get an entitlement letter. Then file Form IEPF-5 on the Ministry of Corporate Affairs website and send the signed form, an indemnity bond, an advance receipt, your ID, a cancelled cheque, the client master list and the entitlement letter to Force Motors’ registered office in Pune or to MUFG Intime India. The company verifies the claim and reports to the IEPF Authority, which credits the shares to your demat account.

I have lost my Force Motors share certificate. What do I do?
If the shares are still with Force Motors, open a demat account, then apply to MUFG Intime India for duplicate shares with Form ISR-4. Up to ₹10 lakh, about 57 Force Motors shares at today’s price, you need a standard affidavit-cum-indemnity bond; above that you also need a police report and a newspaper notice. If the shares have already moved to the IEPF, you do not need a duplicate: you claim with Form IEPF-5.

What if the Force Motors shareholder has died?
The shares pass to the nominee or legal heirs by transmission through MUFG Intime India, and are credited in demat. Simplified documents apply to physical shares worth up to ₹10 lakh, which with Force Motors is only about 57 shares. Above that, heirs usually need a succession certificate or legal heir certificate, unless there is a nominee or the other heirs give no-objection.

Do I have to pay SharesRecover anything upfront?
No. Zero advance — you pay only once the shares are credited to your demat account.