law: Cost and Works Accountants Act, 1959 
  32. Provisions respecting employees of the
  
  dissolved company 
  (1) Every person employed in the dissolved
  
  company prior to the lst day of September, 1958, and still in its
  
  employment immediately before the commencement of this Act shall, as from such
  
  commencement, become an employee of the Institute, shall hold his office or
  
  service therein by the same tenure and upon the same terms and conditions and
  
  with the same rights and privileges as to pension and gratuity as he would have
  
  held the same under the dissolved company if this act had not been passed, and
  
  shall continue to do so unless and until his employment in the Institute is
  
  terminated or until his remuneration, terms and conditions of employment are
  
  duly altered by the Institute.
  (2) 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 employee of the dissolved
  
  company to the Institute shall not entitle any such employee to any
  
  compensation under that Act or other law, and no such claim shall be
  
  entertained by any court, Tribunal or other authority.