Section 28
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There is nothing in Section 28 of the Companies Act which exempts any
Company registered under above provision from making contribution to the
Labor Welfare Fund:
The learned Advocate for the petitioner repeatedly submits that the GTC is
a nonprofit company and registered under Section 28 of Companies Act. As
such GTC is not liable to contribute 5% of the net profit to the Labor
Welfare Fund. In support of above submission the learned Advocate produced
the Memorandum and Articles and Association of the GTC. But there is no
mention in above Memorandum that the GTC is a nonprofit company. On the
contrary Article 71 of above Memorandum shows that GTC may earn profit but
the profit shall be utilized for the advancement of the objectives as
stated in the above Memorandum. Since the GTC is a profit earning company
it is not understandable as to why the company will not contribute a very
insignificant part of its net profit for the welfare of its labors. There
is nothing in Section 28 of the Companies Act which exempts any Company
registered under above provision from making above contribution to the
Labor Welfare Fund. ...Prof. Muhammad Yunus Vs. The State, (Criminal), 17
SCOB [2023] HCD 162
....View Full Judgment
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Prof. Muhammad Yunus Vs. The State |
17 SCOB [2023] HCD 162 |