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| Home > Indian Bare Acts > THE INDUSTRIAL FINANCE CORPORATION (TRANSFER OF UNDERTAKING AND REPEAL) ACT 1993 > CHAPTER IV PROVISIONS RELATING TO ASSOCIATED PERSONNEL |
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| THE INDUSTRIAL FINANCE CORPORATION (TRANSFER OF UNDERTAKING AND REPEAL) ACT 1993 |
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Title : THE INDUSTRIAL FINANCE CORPORATION (TRANSFER OF UNDERTAKING AND REPEAL) ACT 1993
Year : 1993
Act :
CHAPTER IV
PROVISIONS RELATING TO ASSOCIATED PERSONNEL
10.Continuance of associated personnel.
10.Continuance of associated personnel. (1) On the vesting of the power transmission system of the three companies in the Corporation, the associated personnel who have been, immediately on or before the appointed day, employed in any of the three companies and have not already become employees of the Corporation shall become, on and from the date of commencement of this Act, employees of the Corporation and shall hold office or service under the Corporation on the terms and conditions which are not in any way less favourable than those which would have been admissible to them if there had been no such vesting and shall continue to do so unless and until their employment under the Corporation is duly terminated or until their remuneration and other conditions of service are duly altered by the Corporation.
(2) Notwithstanding anything contained in the Industrial
Disputes Act, 1947 (14 of 1947) or, any other law for the time being in force, the transfer of the services of the associated personnel to the Corporation, shall not entitle such personnel 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.
6.11.Provident fund and other funds.
11.Provident fund and other funds. (1) Where any of the three companies has established a provident fund or any other fund for the benefit of the persons employed by it, the monies relatable to the associated personnel who have already become employees of the
Corporation or whose services have become transferred under this Act to the Corporation shall, out of the monies standing, on the date of transfer of the associated personnel, to the credit of such provident fund or other fund, stand transferred to, and vest in, the
Corporation,
(2) The monies which stand transferred under sub-section (1) to the Corporation shall be dealt with by the Corporation in such manner as may be prescribed.
CHAP
MISCELLANEOUS.
Last updated on February, 2008
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