13. Continuance of employees.—(1) Every person who has been, immediately before the appointed
day, employed in any undertaking of either of the two companies shall become,—
(a) on and from the appointed day, an employee of the Central Government, and
(b) where the undertakings of the two companies are directed, under sub-section (1) of
section 6, to vest in Government Companies, an employee of the concerned Government company on
and from the date of such vesting or transfer;
and shall hold office or service under the Central Government or the concerned Government company, as
the case may be, with the same rights and privileges as to pension, gratuity and other matters as would
have been admissible to him if there had been no such vesting and shall continue to do so unless and until
his employment under the Central Government or the concerned Government company, as the case may
be, is duly terminated or until his remuneration and other conditions of service are duly altered by the
Central Government or the Concerned Government company, as the case may be.
(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 officer or other person employed
in any undertaking of either of the two companies, to the Central Government or a Government company,
shall not entitle such officer or other employee to any compensation under this Act or any other law for
the time being in force and no such claim shall be entertained by any court, tribunal or other authority.
14. Provident fund and other funds.—(1) Where either of the two companies has established a
provident fund, superannuation, welfare or other fund for the benefit of the persons employed in any of its
undertakings, the moneys relatable to the officers or other employees whose services have become
transferred by or under this Act to the Central Government or Government company shall, out of the
moneys standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or
other fund, stand transferred to, and vest in, the Central Government or the concerned Government
company, as the case may be.
(2) The moneys which stand transferred under sub-section (1) to the Central Government or the
Government company, as the case may be, shall be dealt with by that Government or Government
company in such manner as may be prescribed.