Dear Baldev
If an organization which is in running condition, is taken over by another management / promoters / company /establishment the following to be done immediately by the company who had taken over the running company:
1. As per ESI & EPF Act , The taken over management had to see that, no dues / liabilities towards Employee and Employer contributions towards respective Acts are pending for payment. If unpaid they must insist the selling company management to clear all the dues first before registration of the sale deed of the company or deduct such liabilities from the sale considerations and paid the rest of sale amount.
2. Immediately clear all the due contributions to respective funds.
3. Give an intimation to respective organisation in regard to change in ownership / management.
4. As per EPF Act, the Return of Owner ship to b3e sent to the Regional Commissioner EPF, in Form No. 5A.
5. As per ESI Act: Form of Annual Information on Factory / Establishments covered under ESI Act. FORM NO. 01(a). INFORMING CHANGE IN OWNERSHIP / MANAGEMENT.
6. After clearing all the due contribution a fresh application of New Registration Code for the establishment / Factory can be made and obtain a new No.
7. If same employees are continuing in the said establishment, all of their contributions can be transfered to the New Code A/c with fresh A/c Nos. of the employees given by the individual organisations. i.e. ESI & EPF .
8. An intimation to be given to the Labour commissioner office in regard to change in management / owner ship.
9. An application to be submitted to Inspector of Factories in regard to change of owner ship.
Mohan Rao
Manager HR
From India, Visakhapatnam
22If an organization which is in running condition, is taken over by another management / promoters / company /establishment the following to be done immediately by the company who had taken over the running company:
1. As per ESI & EPF Act , The taken over management had to see that, no dues / liabilities towards Employee and Employer contributions towards respective Acts are pending for payment. If unpaid they must insist the selling company management to clear all the dues first before registration of the sale deed of the company or deduct such liabilities from the sale considerations and paid the rest of sale amount.
2. Immediately clear all the due contributions to respective funds.
3. Give an intimation to respective organisation in regard to change in ownership / management.
4. As per EPF Act, the Return of Owner ship to b3e sent to the Regional Commissioner EPF, in Form No. 5A.
5. As per ESI Act: Form of Annual Information on Factory / Establishments covered under ESI Act. FORM NO. 01(a). INFORMING CHANGE IN OWNERSHIP / MANAGEMENT.
6. After clearing all the due contribution a fresh application of New Registration Code for the establishment / Factory can be made and obtain a new No.
7. If same employees are continuing in the said establishment, all of their contributions can be transfered to the New Code A/c with fresh A/c Nos. of the employees given by the individual organisations. i.e. ESI & EPF .
8. An intimation to be given to the Labour commissioner office in regard to change in management / owner ship.
9. An application to be submitted to Inspector of Factories in regard to change of owner ship.
Mohan Rao
Manager HR
From India, Visakhapatnam
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