Pranab Kumar Chattopadhyay, J. - (1.) The short question that arises before us for consideration in this appeal is whether the employees of the exempted establishment are entitled to enjoy the benefit of interest at the statutory rate even though the appropriate Government did not issue any notification amending the exempted scheme?
(2.) By an order dated 12.02.1955, clerical and supervisory staff, subordinate staff, operators and coolies were granted provisional exemption under paragraph 27A of the Employees' Provident Funds Scheme, 1952 subject to condition specified in section 17(3) of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. On 15.09.1988, respondent No.l was informed about retirement on 31st December, 1988 on attaining the age of superannuation. After a lapse of more than 4 years from the date of said retirement, the learned Advocate on behalf of the respondent No.l wrote to the Regional Provident Fund Commissioner on 16.11.1992 for a direction upon the appellant company to pay interest at the Central Government rate. On 30.11.1992, the Regional Provident Fund Commissioner wrote to the trustees of the appellant company to pay balance amount of interest calculated at statutory rate even in absence of any notification covering the establishment to pay statutory rate.
(3.) It is the case of the appellants that the trustees did not pay less than the rate which the employees were entitled to at the time when the exemption was granted. By the written communication dated lst January, 1993, Board of Trustees of the appellant company, namely, the appellant No. 1 herein informed the Regional Provident Fund Commissioner that the Provident Fund is an exempted fund and are guided by the provisions of Income-tax Act and the amount towards the contribution in the members' account is credited with interest based on the earning by the fund which is audited and certified by the auditors and, as such, there is no scope for reviewing the interest paid to the respondent No.l.;