A newly set-up company, due to purely administrative/operational reasons, could not deposit the dues on time for the first six months. After these months, the dues have been paid religiously on time to date. The company also happens to be a respected brand in other parts of India but had to face this unfortunate penalty of interest and damages (under the PF Act) while setting up its base in Maharashtra with around 800 to 900 employees.
Provision for Waiver in the PF Act
1) Is there any provision in the PF Act or Scheme that provides for a waiver or any case law for companies that are established with a genuine intention to pay on time but could not do so because of initial set-up issues (operational or administrative)?
Authority to Waive Interest or Damages
2) Who has the authority to waive off such interest or damages (whether partially or in totality) under the PF Act/Scheme?
Thanks in advance for your response.
Provision for Waiver in the PF Act
1) Is there any provision in the PF Act or Scheme that provides for a waiver or any case law for companies that are established with a genuine intention to pay on time but could not do so because of initial set-up issues (operational or administrative)?
Authority to Waive Interest or Damages
2) Who has the authority to waive off such interest or damages (whether partially or in totality) under the PF Act/Scheme?
Thanks in advance for your response.