A large number of retired employees of the PS petitioned the SHC in 2017 contending that they were not being paid their gratuity, leave encashment and provident
fund since 2013.
will offer for sale up to 13,225,000 shares of common stock at a purchase price of USD10.00 per share.
NSF, which is headed by Provident
's ex-boss John Van Kuffeler, in June abandoned its plan to buy Provident
after failing to secure enough support from shareholders.
"Finance Ministry has cut the rate of general provident
fund (GPF) by 10 basis points from 8 per cent to 7.9 per cent effective from July 1," said the official statement of Finance Ministry.
Non-Standard Finance's GB1.3 billion offer for fellow sub-prime lender Provident
has become unconditional - after Non-Standard Finance lowered its acceptance condition to 50% from 90%.
Schroders, which holds a 14.6 per cent stake in Provident
, told City A.M.
In parliament, MPs said a number of people have come forward with concerns that their provident
funds may be tapped to provide a source of financing for Gesy, thus reducing their payouts on retirement.
But the odds are stacked against it as Non-Standard Finance's PS1.3billion offer is already backed by three of Provident
's biggest shareholders who together control just over 50%.
NSF has the blessing of Provident
shareholders Woodford Investment Management, Invesco and Marathon Asset Management - enough to cause havoc for The Provvy board - but the proposal needs 90 per cent backing.
The doorstep lender will be run by new boss John van Kuffeler, who is spearheading the deal, and was previously chief executive and chairman of Provident
Beginning July 1, Provident
Bank is now paying eligible hourly employees and new hourly employees at least $15 per hour.
New Delhi: The Employees Provident
Fund Organisation made it mandatory to file online claims for provident
fund withdrawals above Rs 10 lakh, taking another step towards becoming a paperless organisation.