10FA. Dissolution
of Company Law Board.—(1) On and from the commencement
of the Companies (Second Amendment) Act, 2002, the Board of
Company Law Administration constituted under sub-section (1)
of section 10E shall stand dissolved.
(2) On the dissolution of the Company Law Board, the persons
appointed as Chairman, Vice-Chairman and members and officers
and other employees of that Board are holding office as such
immediately before such commencement shall vacate their respective
offices and no such Chairman, Vice-Chairman and member and
officer and other employee shall be entitled to claim any
compensation for the premature termination of the term of
his office or of any contract of service:
Provided that every officer or other employee, who has been,
immediately before the dissolution of the Company Law Board,
appointed on deputation basis to that Board, shall, on such
dissolution, stand reverted to his parent cadre, Ministry
or Department, as the case may be:
Provided further that every officer and other employee of
the Company Law Board employed on regular basis by that Board,
shall become, on and from the dissolution of the Board, the
officer and employee, respectively, of the Central Government
with the same rights and privileges as to pension, gratuity
and other like benefits as would have been admissible to him
if the rights in relation to that Board had not been transferred
to, and vested in, the Central Government and shall continue
to do so unless and until his employment in the Central Government
is duly terminated or until his remuneration, terms and conditions
of employment are duly altered by that Government:
Provided also that notwithstanding anything contained in
the Industrial Disputes Act, 1947 (14 of 1947), or in any
other law for the time being in force, the transfer of the
services of any officer or other employee employed in the
Company Law Board, to the Central Government shall not entitle
such officer or other employee to any compensation under this
Act or under any other law for the time being in force and
no such claim shall be entertained by any Court, tribunal
(including the Tribunal under this Act) or other authority:
Provided also that where the Company Law Board has established
a provident fund, superannuation fund, welfare fund or other
fund for the benefit of the officers and other employees employed
in that Board, the monies relatable to the officers and other
employees whose services have been transferred by or under
this Act to the Central Government shall, out of the monies
standing, on the dissolution of the Company Law Board to the
credit of such provident fund, superannuation fund, welfare
fund or other fund, stand transferred to, and vest in, the
Central Government and such monies which stand so transferred
shall be dealt with by that Government in such manner as may
be prescribed.
(3) All matters or proceedings or cases pending before the
Company Law Board on or before the constitution of the Tribunal
under section 10FB, shall, on such constitution, stand transferred
to the National Company Law Tribunal and the said Tribunal
shall dispose of such cases in accordance with the provisions
of this Act.
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