Yes, this is a serious matter. Please understand that if your organization qualifies for coverage under the PF Act, you MUST IMMEDIATELY advise your management to get a Code No. under the PF Act and extend coverage to all eligible employees under the said statute.
Whole you are at it, you may also examine your Company's eligibility for coverage under the ESI Scheme and do the needful at the earliest.
I will strongly advise you NOT to leave this very serious violation of law, for another day. Act immediately to ensure proper compliance.
Vasant Nair