Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act : PROVISIONS RELATING TO

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act,1978

Act No : 42

Section : PROVISIONS RELATING TO OFFICERS AND OTHER EMPLOYEES OF DISSOLVED COMPANY

SECTION 08: PROVISIONS RELATING TO OFFICERS AND OTHER EMPLOYEES OF DISSOLVED COMPANY

(1) Every officer (not being a director) or other employee holding office immediately before the appointed day in the dissolved company in relation to any undertaking of such company shall as from the appointed day, continue to hold office as such in respect of the undertaking vested in the Steel Authority of India by virtue ofsection 6-, by the same tenure and upon the same terms and conditions of service and with the same rights and privileges as lo retirement benefits as would have been admissible to him if the company in which he was holding office had not been dissolved and shall continue to do so unless and until such tenure and terms and conditions are duly altered by the Steel Authority of India.

(2.) Notwithstanding anything contained in sub-section (l). rules relating to the conditions of service and Standing Orders applicable to the officers or other employees referred to in subsection (1), as immediately before the appointed day, shall continue to apply unless and until they are duly altered by the Steel Authority of India.