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Subhiksha MD pays part of EPF dues

Subhiksha MD pays part of EPF dues
PTI
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First Published: Mon, Mar 16 2009. 02 40 PM IST
Updated: Tue, Mar 17 2009. 07 49 PM IST
New Delhi: Distressed retail chain Subhiksha on Monday said it has made a payment of Rs73.87 lakh towards the company’s employees provident fund dues and is talking to its financial stakeholders to arrange the remaining payments.
“As committed our managing director R Subramanian has made a payment of Rs73.87 lakh to the PF authorities”, Subhiksha Trading Services Ltd said in a statement, adding that was the amount available to his credit in his personal PF account.
The payment from MD’s PF account has been made despite the said account not being attachable for any dues in law and has been done “as a demonstration of commitment on the part of the company/promoters”, the company added.
Subhiksha said that it is working out with its financial stakeholders including banks and other investors to find means to pay the balance amount payable to the PF authorities.
The company’s action came a week after the order issued by the PF Commissioner in Chennai directing Subramanian to pay Rs1.76 crore to the employees as PF dues.
The retail chain also discounted reports about attachment of its bank accounts by the PF authorities.
“There have been some queries about PF authorities attaching some bank accounts of the company. The company is not aware of any such attachment,” it said.
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First Published: Mon, Mar 16 2009. 02 40 PM IST
More Topics: Subhiksha | Retail | EPF | Provident Fund | India |