Winding up of employee benefit schemes: excess trust assets must repay loans or be distributed to employees per compensation committee. When a company winds up schemes implemented through a trust, any excess monies or shares remaining after meeting obligations must be utilised either for repayment of loans or for distribution to employees as recommended by the compensation committee.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Winding up of employee benefit schemes: excess trust assets must repay loans or be distributed to employees per compensation committee.
When a company winds up schemes implemented through a trust, any excess monies or shares remaining after meeting obligations must be utilised either for repayment of loans or for distribution to employees as recommended by the compensation committee.
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