PROVISIONS RESPECTING EMPLOYEES OF THE DISSOLVED COMPANY
(1) Every person employed in the dissolved company and continuing in its employment
immediately before the commencement of this Act shall, as from such commencement, become
an employee of the Institute, shall hold his office or service therein by the same tenure
and upon the same terms and conditions and with the same rights and privileges as to
pension and gratuity as he would have held the same under the dissolved company if this
Act had not been passed, and shall continue to do so unless and until his employment in
the Institute is terminated or until his remuneration, terms and conditions of employment
are duly altered by the Institute.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947, (14 of 1947),
or in any other law for the time being in force, the transfer of the services of any
employee of the dissolved company to the Institute shall not entitle any such employee to
any compensation under that Act or other law, and no such claim shall be entertained by
any court, tribunal or other authority.
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