Collecting back dated PF contributions from employees

I am working in a Software MNC head-quartered in Pune. 5 years back when I joined the company, HR had a policy that the incumbent may or may not opt for EPF. So, I did not to opt. Recently, after and audit and some meetings with the EPFO Commissioner they realised that the HR policy was wrong. We received a mail from HR regarding that. We must have had an EPF account. But now, HR is asking all the employees to contribute the entire EPF deduction amount (5 years in my case, or the tenure of employment) into a new EPF account along with the interest. This is coming to a very large amount. All employees that have not opted for EPF are facing that issue. The point here is: this happened because of faulty HR policies and employees are paying for it. The reason the IT industry do not have a labour union, management is taking all undue advantage of the employees. Is this legal? I want to know our legal options here. Can we go to court against the company? What are our prospects?