14. Employment of certain employees to continue.—(1) Every person who has been, immediately
before the appointed day, employed in any of the undertakings of the Company shall become,—
(a) on and from the appointed day, an employee of the Central Government; and
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(b) where the undertakings of the Company are directed, under sub-section (1) of section 6, to
vest in an existing Government company, or are transferred by virtue of the provisions of section 7, to
a new Government company, an employee of such Government company on and from the date of
such vesting or transfer,
and shall hold officer 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 or transfer 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.
(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 the undertakings of the Company to the Central Government or the existing, or new, Government
company, as the case may be, 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.
15. Provident fund and other funds.—(1) Where the Company has established a provident fund,
superannuation fund, welfare fund or other fund for the benefit of the persons employed in the
undertakings of the Company, the monies relatable to the employees, whose services have become
transferred by or under this Act to the Central Government or the existing, or new, Government company,
as the case may be, shall, out of the monies standing, on the appointed day, to the credit of such
provident, superannuation, welfare or other fund, stand transferred to, and shall vest in, the Central
Government or the existing, or new, 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 the
existing, or new, Government company in such manner as may be prescribed.