ZERO LOP POLICY for Employees who work more than official timings also offcial travelling on holidays 24/7 official commitments.

Hi Dilip,
It is a good thing to hear that some employees don't bother working hours and willing to put extra hours.
However my experience is making me to say - better not to come up with a policy not to track only a group of employees. Tomorrow the office is answerable to statutory officers. Also there are security concerns as well. So here is my recommendation
1. Come up with an official policy (or add additional clause) for time and attendance or in standing orders
2. If the company is under Shop Act or Fact Act, muster roll of all employees is mandatory. It is extremely complicated to clarify officers on what ground you have allowed an employee to work 48 hours or continuously for 20 days etc.and it is not possible under normal circumstances. So you have to put regular practices in places - like if somebody worked on a holiday, get a comp off grant and avail it at a later date.
3.There should be traceability for employee working hours. You may allow lenience to some employees but there should be accurate information for you as well as external agencies to approve and justify such acts.
4. You can give time tracking exemption to employees for a defined period ( i.e employees working in a particular project, for some period). However you have to produce a muster roll, give actual number of days worked, holidays availed, leave grant done, leave availed, whether worked extra hours and how do you compensate such additional effort etc.