(i) Every officer or other employee of the company (except a director or any managerial personnel specified in section 197A of the Companies Act, 1956, or any other person entitled to manage the whole or a substantial part of the business of the company under a special agreement) in the employment of the company immediately Provisions respecting officers arid employees of the company.
330 THE GAZETTE OF INDIA EXTRAORDINARY [PAR* II before the commencement of this Ordinance shall, in so far as suet employee is employed in connection with the affairs of the undertaking of the company, become as from such commencement, ar officer or other employee, ay the case may be, of the Centra Government 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 and gratuity and other matters as he would have held under the company if this Ordinance had not been promulgated and shall continue to do so unless and until his employment in the Central Government is terminated or until his remuneration, terms and conditions are duly altered by the Central Government:
Provided that if the alteration so made is not acceptable to any such officer or employee, his employment may be terminated by the Central Government on payment to him by the Central Government of compensation equivalent to three months' remuneration in the case of permanent employees and one month's remuneration in the case oi other employees:
Provided further that nothing contained in this section shall apply to any officer or other employee who has, by notice in writing given to the Central Government within thirty days next following ihe commencement of this Ordinance, intimated his intention of not becoming an officer or other employee of the Central Government.
(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 employee of the company shall not entitle any such officer or employee to any compensation under that Act or other law, and no such claim shall be entertained by any court, tribunal or other authority.
14 of 1947.
Directors and managing agents not entitled to compensation.
6. Notwithstanding anything contained in any law for the time being in force, no director or managerial personnel specified In section 197A of the Companies Act, 1956, or other person entitled to manage the whole or a substantial part of the business and affairs of the company under a special agreement shall be entitled to any compensation against the company or the Central Government for the loss of office or for the premature termination of any contract of management entered into by him with the company.
1 Of I93«.
Duty to deliver possession of property acquired and documents relating ther^o.