Tribunal gives partial relief in PF case; 50% damages waived
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Central Government Industrial Tribunal, Chennai partly allowed W.S. Industries' appeal against a Provident Fund assessment for the period November 1990 to March 2012, before the present management took over. The Tribunal waived 50 percent of damages assessed under Section 14B (relief of about 5.96 lakhs) and directed payment of the remaining 50 percent within three months. The appeal under Section 7Q regarding interest was held not maintainable. The Company says the order is not expected to have any material financial impact.
Partial relief for the company, no major financial hit. Remaining 50% of damages to be paid within three months.