Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything to the contrary in any contract or agreement or in any law for the time being in force, the following provisions shall be in regard to the Repayment of debentures,loans, etc. Arbitration. Termination of managing agency. Provisions for existing staff of licensees. 1969 : Guj. 7] Gujarat Electricity Supply Undertakings (Acquisition) Act, 1969 persons on the staff of the licensee immediately before vesting date :- (1) Every such person shall be deemed to be retrenched from service the vesting date and shall be entitled to – (a) one month’s pay to be calculated from the vesting date, and (b) retrenchment compensation which shall be equivalent to fifteen day average pay for every completed year of continuous service or any thereof in excess of six months. (2) Nothing in clause (1) shall prevent the State Government from retaining any such person in service on and after the vesting date and where any such person in retained in service, his services shall be governed by such rules as the State Government may, from time to time, make in this behalf : Provided that the term and conditions of service of any person so retained in service shall not in any way be less favourable than those applicable to him immediately before the vesting date.