The Regional Provident Fund Commissioner—II, Regional Office Ranchi has imposed a penalty on the Grasim Industries Limited’s Chemical Divisions Unit at Rehla, according to the company’s exchange filing.
The authority has imposed a sum of ₹ 2,56,99,858/- as damages by way of penalty u/s 14B of Employee Provident Fund and Miscellaneous Provisions Act, 1952 (EPF&MP Act, 1952).
The penalty relates to an alleged delay in transfer of accumulated provident fund balance of the employees from Provident Fund Trust to EPFO on amalgamation of Aditya Birla Chemicals (India) Limited with the Company.
An appeal has been filed against the order.
The company received the order on October 14, 2024. On the delay in the reporting of the same to the exchange, company said, “The delay is unintentional at local unit level and is swiftly reported, once it was brought to the notice of the appropriate Company executives.”
The disclosure to the exchange was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.>
