https://www.taxtmi.com/caselaws?id=96707 A provident fund framed for employee benefit, with company and member contributions, separate member accounts and treatment in the books as a provident fund balance, was characterised as trust property rather than an ordinary debtor-creditor deposit. Provisions for contingent charges, refund of the company's contribution, and continued benefit of lapsed sums for remaining members were consistent with a fiduciary structure. No alteration of that relationship was proved, because the proposed deposit arrangement was not effectively accepted by the members and the evidence did not show that revised terms were brought home to them. The members therefore retained preferential status in the winding up. en-us Fri, 07 Feb 1936 00:00:00 +0530 Tue, 10 Jan 2012 14:54:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96707 A provident fund framed for employee benefit, with company and member contributions, separate member accounts and treatment in the books as a provident fund balance, was characterised as trust property rather than an ordinary debtor-creditor deposit. Provisions for contingent charges, refund of the company's contribution, and continued benefit of lapsed sums for remaining members were consistent with a fiduciary structure. No alteration of that relationship was proved, because the proposed deposit arrangement was not effectively accepted by the members and the evidence did not show that revised terms were brought home to them. The members therefore retained preferential status in the winding up. Case-Laws Companies Law Fri, 07 Feb 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96707