Companies Act, 1956, Section 529(3)(b)

Companies Act, 1956—Section 529(3)(b)—Companies (Amendment) Act No. 35 of 1985—Expression “workmen’s dues”—Meaning of—Held, the expression “workmen’s dues” has been defined in Section 529(3)(b) to mean all wages or salary including wages payable for time or piece work and salary earned wholly or in part by way of commission of any workman in respect of services rendered to the company and any compensation payable to any workman under the Industrial Disputes Act, 1947, all accrued holiday remuneration payable to any workman, or in the case of his death to any other person in his right upon the termination of his employment before the passing of winding up order and all sums due to any workman from a provident fund, a pension fund, a gratuity fund or any other fund for the welfare of the workmen, which is maintained by the company—The definition also takes within its fold funds capable of being transferred to and vested in the workman under a contract with insurers under Section 14 of the Workmen’s Compensation Act as also the amounts due in respect of any compensation or liability for compensation under the Workmen’s Compensation Act in respect of the death or disablement of any workman of the company. 


File Name:- SC_DECEMBER 2011_8