Rule 95. Conditions which the exempted establishment or the class of establishments, or employee or class of employees, as the case may be, shall comply with after such exemption under sub-section (2) and sub-section (5)

(1) The establishment to which exemption has been granted from the provisions of Chapter IV of the Code,-(a) shall maintain such records regarding the exempted employees and submit such returns and other information to the Board or Corporation as may be specified in the regulations; and

(b) in case of change of legal status of an establishment which has been granted exemption under section 143 of the Code, due to merger, demerger, acquisition, sale, amalgamation, formation into a subsidiary, whether wholly owned or not, etc. the exemption shall be deemed to be cancelled and the establishment shall be required to apply afresh for exemption, to the appropriate Government;

(2) For the purposes of Chapter III, the establishment and/or employer, after the grant of exemption, shall comply with all such terms and conditions as may be specified in the Provident Fund Scheme or the Pension Scheme or the Insurance Scheme, as the case may be, framed under section 15 of the Code.

(3) Terms and Conditions for the Management of the Trust–

Terms and conditions for the management of the Trust of Section 143

1. Constitution of the Board of Trustees – Every exempted establishment shall constitute a Board of Trustees for the management of the Provident Fund or Pension Fund, in accordance with the instructions issued by the Central Government or the Central Provident Fund Commissioner. 2. Composition of the Board – The Board of Trustees shall comprise an equal number of representatives from the employers and the employees, as provided for in the applicable Provident Fund Scheme or Pension Scheme. 3. Chairperson – The employer shall serve as the Chairperson of the Board of Trustees and shall have the right to exercise a Casting Vote in the event of a tie in votes. The Chairperson shall conduct all meetings in a fair and impartial manner with arm’s length principles. 4. Meetings of the Board – The Board of Trustees shall meet at least once in every three months and shall function in accordance with the guidelines issued by the Central Government or the Central Provident Fund Commissioner. 5. Other Conditions for Trust Management – Provisions relating to the following matters namely:-(a) tenure of the Trustees;

(b) election or nomination;

(c) disqualification or resignation;

(d) quorum;

(e) maintenance of records; and

(f) all other conditions regarding the management of the Trust—shall be governed by the Provident Fund Scheme or Pension Scheme, as applicable. 6. Resolution of Disputes – Any dispute or doubt concerning the general administration of the Trust shall be referred to the Regional Provident Fund Commissioner within whose jurisdiction the Head Office of the establishment is situated, and the decision of the said Commissioner shall be final and binding.