(1) The State Government may, at any time within the period of five years from the appointed day, acquire the Company by notification, with effect from the date to be specified therein.
(2) On the issue of the notification under sub-section (I ), the Company shall, with effect from the date specified in the notification, vest absolutely in the State Government free from all encumbrances.
(3) Every person employed in connection with the affairs of the Company and continuing in office immediately before the date specified in the notification under sub-section (1) shall continue to hold office on and from that date on the same terms and conditions as to pay, leave, pension, gratuity and all other matters, unless and until his employment is terminated or until his remuneration or other terms and conditions of employment are altered by the State Government in accordance with such rules as may be made by the State Government in this behalf.
14 of 1947. (4) Notwithstanding anything contained in the Industrial Disputes Act, 1947 or any other law for the time being in force, the alteration in the terms and conditions of employment of an employee on the transfer of his services from the Company to any other post shall not entitle him to any compensation under this Act or any other law for the time being in force and no claim for such compensation shall be entertained by any court, tribunal or other authority.