Amendment status not verified — confirm the current text below against the official source.
(I) Every person who was genuinely employed for existing in connection with the affairs of an undertaking as its •.ta ff of employee immediately before the vesting date, shall licensee. become on the vesiting date an employee of the Government and thereafter an employee of the Board on the date of transfer of the undertaking to the Board under section 5, and shall hold his service on the same terms and condition and with the same rights to pension, gratuity and other matters as would have been admissible to him if the undertaking had not been transferred to and vested in the Govern- ment or the Board, as the case may be, and continue • to do so unless aud until his employment under the Government or the Board, as the case m ay be, is terminated or until his remuneration, terms or conditions are duly altered by the Government or the Board, as· the case inay be. (2) If the licensee fails to pay such an employee his dues as immediately before the vesting date, the Government or the Board, as the case may be, may pay him these dues and the amount so paid shall be deducted from the amount payable by the Gov.ernment to the licensee. (3) In case the Government or the Bo-ard, as the case may· be, retrench any such employee within a period of one year from the vesting date, the amount payable to such an employee on retrenchment shall be deducted from the amount payable by the Govern· ment to the: licensee. (4) For the persons who immediately before the ve1ting date were the trustees for any -pensien, provident, irratuity or: other like fund constituted for the employees of the licensee, there may be substituted as trustees, such persons as the Government may, by ge1aeral or special order, specify. 9 (5) Notwithstanding anything contained in [the ~:n}"al 4 ~ct Industrial Disputes Act, 1947, or in any other law for 0 19 • the time being in force, the transfer of the services of any employee from the licensee to the Government or from the, Government to the Board, shall not entitle mch employee 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) If any question arises as to whether or not any person was genuinely employed in connection with the affairs of the undertaking as its employee immediately before the vesting date, or whether or not the services of any person have been transferred to the Government or Board under this Act, it shall be decided by an officer authorised for this purpose by the Government and an appeal shall lie against his decision to the Government whose decision shall be final. Inventory of 12 (1) The licensee shall, within ninety days from ';l5sfets t~nd the vesting date or such further time as may be granted 111 orma ion. "' th by the Government, prepare and hand over to em a complete inventory of all the fixed assets belonging to his undertaking and of its documents. (2) The licensee shall also write up the accounts of his undertaking upto the vesting date, get them audited and submit them to the Govern- ment within four months from 'that date or such fur- ther time as may be granted by the Government. (3) The licensee shall also, within such time as may be specified by the Government, furnish to them sucil information and particulars as may be required by the Government in regard to documents relating to the undertaking. (4) The licensee shall not destroy any document relating to th~ undertaking and shall hand over to the Government on vesting date all such documents as are necessary for ascertaining the assets of the unaer- taking, the rights, liabilities and obligations attaching thereto and for determining the amount payable or deductible in resp«:ct of tfie undertaking ufiqer this Act. (5) Where the documents aforesaid have been t::iken possession of by the Government, the license~ or any person authorised by him in this behalf, shall have access to such documents at all reasonable times and shall also · be entitled to take copies tliereof or extracts therefrom. · Power of