14. Provisions relating to employees.—(1) Every officer or other employee of the Metal
Corporation (except a director or any managerial personnel specified in section 197A of the Companies
Act, 1956 (1 of 1956), or any other person entitled to manage the whole or a substantial part of the
business of the Metal Corporation under a special agreement) in the employment of the Metal
Corporation immediately before the commencement of this Act shall, in so far as such employee is
employed in connection with the affairs of the undertaking of the Metal Corporation, become, as from
such commencement, an officer or other employee, as the case may be, of the Central Government or the
Government company and shall hold office by the same tenure and at the same remuneration and upon
the same terms and conditions and with the same rights and privileges as to pension, gratuity and other
matters as he would have held under the Metal Corporation if this Act had not been enacted and shall
continue to do so until his employment under the Central Government or the Government company is
duly terminated or until his remuneration, terms and conditions are duly altered by the Central
Government or the Government company:
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Provided that if the alteration so made is not acceptable to any such officer or other employee, his
employment shall be terminated by the Central Government or the Government company on payment of
an amount equivalent to—
(a) three months’ remuneration, in the case of permanent employees, and
(b) one month’s remuneration, in the case of other employees:
Provided further that nothing in this section shall apply to any officer or other employee who has,
within thirty days next following the commencement of this Act, by notice in writing to the Central
Government or the Government company, as the case may be, intimated his intention of not becoming an
officer or other employee of the Central Government or the Government company.
(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 employee of the
Metal Corporation to the Central Government or the Government company shall not entitle such officer
or other employee to any compensation under that Act or other law, and no such claim shall be
entertained by any court, tribunal or other authorities.
15. Provident and other funds.—(1) Where the Metal Corporation has established a provident,
superannuation, welfare or other fund for the benefit of the persons employed in its undertaking, 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 Government company, 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 vested 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
Government company, as the case may be, shall be dealt with by that Government or Government
company in such manner as may be prescribed.