Section 24 in The Mumbai Port Trust (Pension Fund) Regulations, 2004
24. The Fund shall be wound up in anyone of the following events :
Upon the winding up or dissolution of the Trust (unless such winding up or dissolution is for the purpose of amalgamation, reconstitution or reconstruction).For the purpose of the winding up of the Fund, the Trustees shall first realise the value of the assets of the Fund and amounts so realised shall be allocated in the manner described below to the employees who are in the service of the Board on the date of winding up of the Fund after meeting the liabilities in respect of the outstanding claims, if any, pertaining to the employees who ceased to be in the services of the Board prior to the date of such winding up.The Trustees shall then ascertain the amount of Pension and Pensionary benefits accruing and due to all the employees of the Fund according to the provisions of the Rules by reference to the salary of the employees as on the date winding up and the length of service completed by them. If the total amount realised exceeds the total liability in respect of Pension and Pensionary benefits ascertained as above the Trustees shall earmark for each employee, the amount of Pension and Pensionary benefits accrued and due to him under the Rules out of the moneys realised and utilise the excess to provide additional benefits to the employees in proportions of their accrued benefits. If the amounts so realized is less than the said accrued Pension and Pensionary benefits, as aforesaid, the total amount shall be allocated to each employee in proportion to his accrued Pension and Pensionary benefits. Provided always that the Trustees shall obtain prior approval of the Ministry of Shipping, Government of India and the Commissioner of Income Tax in regard to the arrangements to be made by them for winding up of the Fund.Notwithstanding anything whatsoever stated in the foregoing paragraphs, the Trustees shall have absolute and uncontrolled discretion to consult an Actuary and adopt any other methods or principles for the winding up of the Fund or make such arrangements or enter into such agreements as they may deem fit and as shall in the opinion of the Trustees serve as far as may be wishes of the employees and nominees provided that any such arrangements or agreements shall be made only after obtaining the prior approval of the Ministry of Shipping, Government of India and the Commissioner of Income Tax.
