Pf

good question yaar

First of all there is nothing like waiver from PF Board in favour of any employee.  There can be exmption on the following conditions:-

• The employer should be able to convince the Cenral Govt that it has a seperate PF trust which is not part of company asetts.
• The trust if manged by reps of management and elected reps of emoployees
• the terms and conditions of the trust are in no way inferior tothe one offered by the EPFO.
• Even after examption he will not violate the conditions to examption.
• The examption is only for PF dues and not for pension dues which are still to be deposited with EPFO.

Now coming to your query.  If an employer has not deposited dues withther with EPFO or if exampted with ites trust, he is liable for prosecution uner PF act  which is non-cognizable and balaible offence and prosecution can be launched only by EPFO. 

However, if he deducts the employee share and does not deposit with EPFO. The offence is non-bailable and cognisable under setion 406 and 409 of IPC. Local thana (or area magistrate if thana does not take action) can proceed if the employee can prove embezzelemnt of employee share of even in case of one employee for one month.