13. Continuance of employees.—(1) Every employee of the Company in connection with any
undertaking owned by it, shall become, on and from the appointed day, an employee of the Central
Government, and where such undertaking is vested in an existing, or a new, Government company under
this Act, become, on and from the date of such vesting in such Government company, an employee
thereof and shall hold office or service under the Central Government or the existing, of 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.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or in any
other law for the lime being in force, the transfer of the services of any officer or other person employed
in any undertakings owned by 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 any other law for the time being in force and no such claim shall be entertained by any court, tribunal
or other authority.
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14. 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 persons employed in any of the
undertakings owned by it, the monies relatable to the employees, whose services have become transferred
by or under this Act to the Central Government or an existing, or a 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 the
Government company in such manner as may be prescribed.