PF Overdues
I resigned from a company as a director and 8 months later it was acquired by another company. Assuming all's well I did not bother following up much as I was no longer an employee of the organization. Fast forwarding 4 years now I get a letter from the PF office saying that there are dues pending and that they need to be paid. And this letter came to my personal address in Bangalore when the company was in chennai. I am very confused and not sure what to do. The letter says that they would take charge of immovable properties. I am out of the country but I my parents live at the address this letter is coming to. Any advice please. more
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as far as i know company law, a director is held responsible most major frauds conducted by the company... hope this helps you... more
Mar 22
First of all write to the concerned Regional Provident Fund Commissioner, the type of dues be it contributions or anything else. Secondly since you were in a responsible position, being the director of the company, you should have been more cautious about the affairs of the company. Secondly, who was the head of the company and who was looking after the finance matters and administration of PF. In the absence of those details, any advise becomes vague. Anyhow nothing to worry, EPFO cannot attach your assets without any proper enquiry under Section 6 of PF & MP Act. Further they should give you notice of enquiry stating clearly the reasons for enquiry. As you said the company was acquired by another company, then all assets along with its liabilities will automatically vests with the new entity. Further without following the procedure laid down in the Act, the EPFO cannot proceed with the attachment. Now what you have to do is 1. First contact the new company management which was taken over your previous company,. Whether have they received any notice of enquiry from EFPO and what is the outcome. 2. You can also meet the Regional Provident Fund Commissioner concerned personally to find out the veracity of the letter. Hope the above clarifications will make you light hearted now. more
Mar 21
HI, When the merger is happening are you with the company or before that you have left the company. If you have left the company before that happened then you can inform this witha proof of your resignation as a director.(in case you are in the board of directors then you can submit a copy of intimation to the registrar of companies. form ) with a letter to the PF department. Else, you can very well inform this to your other directors who has handled the operations after your leaving the company. In general when a company is acquired or merged the total Assets and liabilities are also taken into consideration unless and untill there is a specific clause that all the liabilities are paid. You have to check with present company to do the needful in this case or you can write it to PF depart. Thanks and Regards, GKumar more
Mar 21
It appears to be a false letter....still please take legal advice....Regards On Tue, 21 Mar 2017 10:06:04 +0530 "Anonymous Circle Member" wrote > more
Mar 21
