Treatment of unused gratuity fund at the time of winding up

Save Share

This query is : Resolved

Rahul Shelke (Querist)

16 May 2011 Dear Experts,

My query is related to treatment of unused gratuity fund, set up under group gratuity scheme.
Let me explain with the help of a small example:
ABC Pvt. Ltd. incorporated on 01-01-2004 and implemented group gratuity scheme effective 01-01-2010. In the first year (i.e. 2011) company paid Rs. 6 Lakh as group gratuity premium. Now due to some or the other reasons board of directors (who are holding 100% equity of the company) decided to wind up the company effective 01-01-2011.
Now my question are as follows:

1. What will happen to the Group gratuity fund created under trust deed, if there were no claims of gratuity since the date of creation of the fund?

2. Will company get the refund of the balance standing in the gratuity fund account?

Please explain the above issues.

Thank you.

Best Regards,
- Rahul

Rahul Shelke

Rahul Shelke (Querist)

31 May 2011 Is there no one who can answer this query?

Rahul Shelke

Rahul Shelke (Querist)

09 August 2011
Is there no one who can answer my query?

This query is unsolved since past 2 months.

- Rahul