Dear team,
I am now associated with a business group. They have 3 manufacturing companies (one started in the year 2002 and other two in 2008), - all three are partnership companies (family partners), one trading company (proprietory firm), and one logistics company (partnership firm).But all these companies are not covered under labour statutes - viz. PF, ESI, Gratuity etc. Now we want to get all companies covered under these statutes and submit suitable proposal to the ownership management. But the questions before us are:-
1. Coverage of all statutes, by all means, shall be from prospective effect. If so, what about the case of old employees joined in the starting stage of the companies, upto the date of coverage.
2. Whether to apply main code for the Group and apply sub-codes to individual companies? OR should we apply indiividual codes to individual companies.
As per the accounting standards are concerned, all group companies are different profit/cost centres, and have individual balance sheets and
P&L accounts.
3. What are the other points we have to take care on this?
Experienced members working in this area, are invited to post their expert views in this regard.
Thanks. Regards
R K Nair