Employees’ Provident Fund Organisation (EPFO) has sent a demand notice of Rs. 54.57 crore to Ahluwalia Contracts (India).
The company, which is into the business of construction, however, quashed the charge, labelling it "arbitrary". "...The company has just received the demand notice of Rs. 54.57 crore for the period September 2007 to March 2009 from Employee Provident Fund office, New Delhi," Ahluwalia Contracts said in a BSE (Bombay Stock Exchange) filing.
"The demand is hypothetical assumption and arbitrary. The demand notice is under study and the appeal will be preferred at competent authority to quash the demand," it added. According to the company, it has paid its provident funds on regular basis.