Bare Acts

CHAPTER V PROVISIONS RELATING TO EMPLOYEES OF THE TEXTILE UNDERTAKINGS


12. Continuance of employees of the textile undertakings.—(1) Every person who has been,
immediately before the appointed day, employed by the Company in relation to a textile undertaking,
shall become, on and from the appointed day, an employee of the National Textile Corporation and shall
hold office or service in that Corporation with the same rights and privileges as to pension, gratuity and
other like matters as would have been admissible to him if the rights in relation to such textile undertaking
had not been transferred to, and vested in, the National Textile Corporation, and shall continue to do so
unless and until his employment in that Corporation is duly terminated or until his remuneration, terms
and conditions of employment are duly altered by that Corporation.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1974), or in any
other law for the time being in force, the transfer of the services of any officer or other person employed
in a textile undertaking to the National Textile Corporation 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.
13. Provident and other funds.—(1) Where the Company has established a provident fund,
superannuation, welfare or other fund for the benefit of the persons employed in a textile undertaking, the
moneys relatable to the officers and other employees whose services have been transferred by or under
this Act to the National Textile Corporation shall, out of the moneys standing, on the appointed day, to
the credit of such provident fund, superannuation, welfare or other fund, stand transferred to and vest in,
the National Textile Corporation.
(2) The moneys which stand transferred under sub-section (1) to the National Textile Corporation,
shall be dealt with by that Corporation in such manner as may, be prescribed.
14. Transfer of employees to a Subsidiary Textile Corporation.—Where any textile undertaking
or any part thereof is transferred under this Act to a Subsidiary Textile Corporation, every person referred
to in section 12 shall, on and from the date of such transfer, become an employee of the Subsidiary
Textile Corporation, and the provisions of sections 12 and 13 shall apply to such employee of the
National Textile Corporation as if references in the said sections to the National Textile Corporation were
references to the Subsidiary Textile Corporation. 

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