Currently, in India, there is a plan to allow private fund managers to manage the employees provident fund. This money is of the order of Indian Rupees 1.4 Lakh Crores (INR 1400 Billion). Two asset management companies came forward to provide this fund manager service free of cost stating that they "hoped to get compensated in terms of enhanced reputation and brand value". But this offer was rejected stating that it is not legally enforceable. I don't understand why it is legally unenforceable? Or is there something else going on behind the scenes?