Provident on machinery
This query is : Resolved
Kapil Bhatia
(Querist)
25 May 2013
It is bring to your notice that I had given own Machinery and Building on lease to someone Limited Company. Now company wants to windup the business and interested to return my machinery and building with dues. can i accept it or not.
Also, someone person has told me that if i received back machinery from company. Then i have to paid provident of workes on the behalf of company. Is it True or not.
Also, someone person has told me that if i received back machinery from company. Then i have to paid provident of workes on the behalf of company. Is it True or not.
Soumitra Basu
(Expert)
03 June 2013
YES, YOU CAN TAKE BACK THE BUILDING AND MACHINERY GIVEN ON LEASE. THERE WILL NOT BE ANY PROVIDENT FUND LIABLITY TO YOU.
13 July 2013
Since the employees were not employed by you no PF liability will be transferred to you. Make an agreement of termination of agreement for leasing of land and Building and machinery with the company and in that termination put one condition that all liabilities will of the lessee on account of electricity, workers, labours etc. etc.
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