8. Provisions relating to officers and other employees of dissolved company.—(1) Every officer
(not being a director) or other employee holding office immediately before the appointed day in the
dissolved company in relation to any undertaking of such company, shall, as from the appointed day,
continue to hold office as such in respect of the undertaking vested in the Steel Authority of India by
virtue of section 6, by the same tenure and upon the same terms and conditions of service and with the
same rights and privileges as to retirement benefits as would have been admissible to him if the company
in which he was holding office had not been dissolved and shall continue to do so unless and until such
tenure and terms and conditions are duly altered by the Steel Authority of India.
(2) Notwithstanding anything contained in sub-section (1), rules relating to the conditions of service
and Standing Orders applicable to the officers or other employees referred to in sub-section (1), as
immediately before the appointed day, shall continue to apply unless and until they are duly altered by the
Steel Authority of India.
9. Provisions relating to directors.—Every person holding office as a director of the dissolved
company immediately before the appointed day shall, on that day, cease to hold office as such director.
10. Provision relating to auditors.—Every person appointed under section 619 of the Companies
Act as an auditor of the dissolved company holding office immediately before the appointed day, may
continue to hold office as such auditor in relation to the undertakings to the dissolved company which
stand vested in the Steel Authority of India by virtue of section 6, for the duration for which he was so
appointed, on the same terms and conditions a were applicable to him immediately before the appointed
day.
11. Directors, etc., not entitled to compensation.—(1) Notwithstanding anything contained in any
law for the time being in force, no director or managerial personnel specified in section 197A of the
Companies Act or other person entitled to manage the whole or a substantial part of the business and
affairs of the undertakings of the dissolved company under a special agreement or otherwise shall be
entitled to any compensation against the dissolved company or the Central Government or the Steel
Authority of India for the loss of office or for the premature termination of any contract of management
entered into by him with the dissolved company whether such loss or termination was due to the
provisions of this Act.
(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 provisions of sub-section (1) of section 8 shall not entitle any
officer or other employee referred to in that sub-section to any compensation under that Act or under any
other law for the time being in force and no claim for such compensation shall be entertained by any
court, tribunal or other authority.
12. Provident fund.—Where a provident fund has been established by the dissolved company for the
benefit of the employees and the same stands vested in a trust, the monies and other assets standing to the
credit of such provident fund shall continue to be held in trust with the same objects as were applicable
before the appointed day and the trustees of such trusts functioning immediately before the appointed day
shall, subject to the provisions of the trust deeds and the rules relating to such trusts, continue to function
as trustees in respect of such provident fund maintained in relation to the undertakings of the dissolved
company which stand vested in the Steel Authority of India by virtue of section 6, as if this Act had not
been passed:
Provided that the right to nominate trustees and other rights relating to the trust vested in the
dissolved company shall vest in the Steel Authority of India.
13. Gratuity, welfare fund and other funds.—Where any gratuity, welfare fund or other fund has
been established by the dissolved company for the benefit of its employees and is in existence
immediately before the appointed day, all monies and other assets standing to the credit of or relatable to
such gratuity, welfare fund or other fund shall vest in the Steel Authority of India.