Dear anonymous friend,
It is indisputable that an IT Company is an " Industrial Establishment" as defined u/s 2(ka) of the Industrial Disputes Act,1947. Employee grievances are inevitable in any work place and if an effective grievance redressal mechanism is not in place, the situation would be highly chaotic leading to low employee morale, high employee turn over and unnecessary industrial disputes. HR being a staff function, the person in charge of the HR would not be naturally in a convenient position to handle all employee grievances independently and effectively along with his day to day activities. That's why the Industrial Disputes Act,1947 has introduced a new section 9-C for the formation of a Grievance Settlement Mechanism in every industrial establishment employing 20 or more no. of workmen w.e.f 15-09-2010 for the purpose of resolving industrial disputes arising out of individual grievances.
If you go through the amended sec.9-C carefully, you will understand the Grievance Settlement Committee shall have equal no of members from both the employer's and employees' sides. There is also provision for compulsory representation for women employees in the committee. I think your employees total no would be certainly more than 20.
Better bring it to the notice of your management that this is a statutory obligation and arrange to form the Grievance Settlement Committee as expeditiously as possible.