13. Continuance of employees.—(1) Every person who has been, immediately before the appointed
day, employed in any undertakings of the Company shall become,—
(a) on and from the appointed day, an employee of the Central Government; and
(b) where the undertakings of the Company are vested in an existing, or a new, Government
company, an employee of that company on and from the date of such vesting,
and shall hold office or service under the Central Government or the existing, or new, 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 existing, or new, 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 existing, or new, Government company, as the case may be:
Provided that, unless any extension of service is granted to such person after the appointed day in
accordance with the rules in that behalf in force for the time being, such person shall retire compulsorily
from the service of the Central Government or the existing, or new, Government company, as the case
may be,—
(a) where he has attained or attains the age of fifty-eight years before, or on, or within a period of
three months from, the appointed day, on the date of expiry of the said period of three months or on
the date on which he shall retire compulsorily from service in accordance with the conditions of
service applicable to him immediately before the appointed day, whichever date is earlier;
(b) in any other case, on his attaining the age of fifty-eight years.
(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 the Company to the Central Government or the existing, or new, Government
company, shall not entitle such officer or other employee to any compensation under this Act or under
any other law for the time being in force and no such claim shall be entertained by any court, tribunal or
other authority.
8
14. Provident fund and other funds.—(1) Where the Company has established a provident fund,
superannuation fund, welfare fund or any other fund for the benefit of the persons employed in any of the
undertakings of the Company, the monies relatable to the officers or other employees, whose services
have become transferred, by or under this Act to the Central Government or the existing, or new,
Government company, shall, out of the monies standing, on the appointed day, to the credit of such
provident fund, superannuation fund, welfare fund or other fund, stand transferred to, and shall vest in,
the Central Government or the Government company, as the case may be.
(2) The monies which stand transferred under sub-section (1) to the Central Government or the
existing, or new, Government company, as the case may be, shall be dealt with by that Government or
that company in such manner as may be prescribed.