(1) Every person who has been, immediately before the appointed day, employed in the undertaking shall become,—
(a) on and from the appointed day, an employee of the Corporation ; and
(b) where the undertaking is directed under sub-section (1) of section 6, to vest in a new Government company, an employee of such Government company on and from the date of such vesting, and shall hold office or service under the Corporation or such 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 Corporation, or as the case may be, under such Government company, is duly terminated or until his remuneration and other conditions of service are duly altered by the Corporation or such Government company, as the case may be.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947, or in any other law for the time being in force, the transfer of the services of any officer or other person employed in the undertaking, to the Corporation or such Government company, shall not entitle such officer or other employee to any compensation under this Act or under any other law for the time being in force and no such claim shall be entertained by any Court, tribunal or other authority.