The Supreme Court today refused to stay the Delhi High Court order that directed Vishal Retail to deposit Rs 3.5 crore before the Employees Provident Fund Organisation (EPFO).
A bench comprising justices Altamas Kabir and Cyriac Joseph declined to stay the order that directed the company to deposit 30% of the total amount demanded by EPFO.
However, on the request of the retail chain, the bench granted it time till next hearing for depositing the amount.
EPFO had directed the debt ridden company to deposit Rs 11 crore towards the provident fund of its 13,000 workers for the period between July 2002 and January 2009.
Vishal Retail appealed to the Provident Fund Appellate Tribunal, which directed it to deposit 40% of the amount with EPFO as a pre-condition for hearing the appeal.
The company challenged the tribunal order before the High Court, which refused a stay on it.
However, considering the financial health of the company, the court reduced the amount to be deposited to 30% and directed the tribunal to hear the plea.
