(1) Every officer or other employee 4 employed, immediately before the appointed day, in connection with the affairs of the undertaking of the Society shall, as from that day, become an officer or other employee of the Government and shall, as from the date of publication of the direction made under subsection (1) of section 5 or the date specified therein, become an officer or other employee of the Company and shall hold his office by the same tenure, 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 Society, if this Act had not been passed and shall continue to do so, unless and until his employment in the Government or, as the case may be, in the Company, is terminated or until his remuneration, terms and conditions are duly altered by the Government or the Company:
Provided that if the alteration so made is not acceptable to any officer or other employee, his employment shall be terminated on payment to him by the Government or the Company, as the case may be, of an amount equivalent to three months’ remuneration in the case of permanent employees and one month’s remuneration in the case of other employees:
Provided further that nothing contained in this sub-section shall apply to any officer or other employee, who has, by notice in writing given to the Government within thirty days from the appointed day, intimated his intention of not becoming an officer or other employee of the Government or the Company:
Provided also that nothing contained in this sub-section shall apply to an officer or other employee referred to in sub-section (2).
(2) Notwithstanding anything contained in sub-section (1) any officer of Government deputed for employment in connection with the affairs of the undertaking of the Society and employed as such immediately before the appointed day shall, as from that day, revert to the service of the Government.
(3) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (Central Act 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 Society to the Government or the Company under sub-section (1) shall not entitle any 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 authority.