Wadia Ghandy & Co. successfully represented HDFC Bank in a Writ Petition before the Bombay High Court challenging the orders issued by the Regional Provident Fund Commissioner (RPFC) directing that all assets of the provident fund trust of the erstwhile HDFC Ltd. be transferred to the EPFO on account of the merger of HDFC Ltd. with HDFC Bank.

Both, the erstwhile HDFC Ltd. (prior to the merger) and HDFC Bank (prior to and pursuant to the merger) were exempted establishments under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and therefore, the principal issue before the Court was whether a merger of such exempted establishments would constitute a change in legal status such that the exemptions under the said Act would stand revoked as per condition no.29 of paragraph 27AA of the Employees’ Provident Funds Scheme, 1952.

The Bombay High Court set a precedent by holding that said condition does not apply in the case of a merger of two exempted establishments and accordingly quashed and set aside the orders issued by the RPFC.

The matter was led by Senior Litigation Partner, Bindi Dave and Partners, Aarish Dhunjibhoy and Ieshan Sinha, who were assisted by Senior Associate, Aayesh Gandhi and Associate, Kartikey Kapoor.