Dear,
You can complete first of all the legal formalities for New P.F. Account No. (for the new company) & after that give your Employees Two Options.
(1) P.F. Withdrawal
==> If they Require P.F. money.
==> For withdrawal they have to filled Form No. 19, & 10 C.
==> They have to give Resignation from the old company
==> They can sumitted their P.F . form to the P.F. Office, after 60 days from their
Resignation date( Last working Day).
==> After Submision they will get their P.F. money in their Personal Bank Account No.
which is mention in the P.F. withrawal form. But after 30 to 45 day of waiting
period.
==> If the PF amount not received within 30 to 45 days time. You can complain to the
P.F. Commssioner of your area.
(2) P.F. Transfer
==> If Employees not require money. they can chose this option.
==> For this they have to Filled Form No. 13.
I can advise you to go for P.F. Withrawal formalities. Beacuse it is easy process & you will get enough time for the New PF Account No. for New comapny.
Thanks & Regards,
Rishikesh Desai