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[Cites 0, Cited by 2] [Section 418] [Entire Act]

Union of India - Subsection

Section 418(2) in The Companies Act, 1956

(2)Notwithstanding anything to the contrary in the rules of any provident fund to which sub-section (1) applies or in any contract between a company and its employees, no employee shall be entitled to receive, in respect of such portion of the amount to his credit in such fund as is invested in accordance with the provisions of sub-section (1), interest at a rate exceeding the rate of interest yielded by such investment.