law: The Sick Industrial Companies (Special Provisions) Repeal Act, 2003
  4. Consequential
  
  provisions.-
  On the dissolution of
  
  the Appellate Authority and the Board,-
  a.  
  
   
   
  
   i.  
  
    the
  
  persons appointed as Chairman and Member of the Appellate Authority or the
  
  Board; and
   
  
   ii.  
  
    every
  
  other person appointed by the Central Government, Appellate Authority or the
  
  Board, and holding office as such immediately before the commencement of this
  
  Act, shall vacate his office and no such Chairman, Member or other person shall
  
  be entitled to claim any compensation for premature termination of the term of
  
  his office or of any contract of service:
  that every
  
  officer or employee who has been, immediately before the dissolution of the
  
  Appellate Authority or the Board, appointed on deputation basis to the
  
  Appellate Authority or the Board, shall stand reverted to his parent cadre,
  
  Ministry or Department, as the case may be:
  Provided further that
  
  every officer or employee who has been, immediately before the dissolution of
  
  the Appellate Authority or the Board, employed on regular basis by the
  
  Appellate Authority or the Board, shall become, on and from the date of such
  
  dissolution, the officer and employee, respectively, of the Central Government
  
  with the same rights and privileges as to pension, gratuity and other like
  
  matters as would have been admissible to him if the rights in relation to such
  
  Appellate Authority or the 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 Appellate Authority
  
  or the Board, to the Central Government, shall not entitle such officer or
  
  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:
  Provided also that
  
  where the Appellate Authority or the Board has established a provident fund,
  
  superannuation, welfare or other fund for the benefit of the officers and
  
  employees employed in the Appellate Authority or the Board, the monies
  
  relatable to the officers and 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 Appellate Authority or the Board, to the credit of
  
  such provident fund, superannuation, welfare 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;
  b.  
  
    any
  
  appeal preferred to the Appellate Authority or any reference made to the Board
  
  or any inquiry pending before the Board or any other authority or any
  
  proceeding of whatever nature pending before the Appellate Authority or the
  
  Board immediately before the commencement of this Act shall stand abated:
  that a
  
  company:-
   
  
   i.  
  
    in
  
  respect of which such appeal or reference or inquiry stand abated under this
  
  clause may make a reference under PART VIA of the Companies Act, 1956 (1 of
  
  1956) within one hundred and eighty days from the commencement of this Act in
  
  accordance with the provisions of the Companies Act, 1956;
   
  
   ii.  
  
    which
  
  had become a sick industrial company as defined in clause (46AA) of section 2
  
  of the Companies Act, 1956 (1 of 1956), before the commencement of the
  
  Companies (Second Amendment) Act, 2002 (11 of 2003) may make a reference under
  
  PART VIA of the Companies Act, 1956 within one hundred and eighty days from the
  
  commencement of the Companies (Second Amendment) Act, 2002 or within sixty days
  
  of final adoption of accounts after such commencement, whichever is earlier,
  
  and reference so made shall be dealt with in accordance with the provisions of
  
  the Companies Act, 1956 (1 of 1956):Provided further that no fee shall be
  
  payable for making such reference under PART VIA of the Companies Act, 1956 (1
  
  of 1956) by a company whose appeal or reference or inquiry stand abated under
  
  this clause:
  Provided also that
  
  any scheme sanctioned under sub-section (4) or any scheme under implementation
  
  under sub-section (12) of section 18 of the repealed enactment shall be deemed
  
  to be a scheme sanctioned or under implementation under section 424D of the
  
  Companies Act, 1956 (1 of 1956) and shall be dealt with in accordance with the
  
  provisions contained in PART VIA of that Act;
  c.  
  
    the
  
  balance of all monies (including any fee) received by, or advanced to the
  
  Appellate Authority or the Board, as the case may be, and not spent by it
  
  before the commencement of this Act shall, on the commencement of this Act,
  
  stand transferred to, and vest in, the Central Government and shall be utilised
  
  for the purposes of clauses (e) and (f);
  d.  
  
    all
  
  property of whatever kind owned by, or vested in, the Appellate Authority or
  
  the Board, as the case may be, and not spent by it before the commencement of
  
  this Act shall, on the commencement of this Act, stand transferred to, and
  
  shall vest in the Central Government;
  e.  
  
    all
  
  liabilities and obligations of whatever kind incurred by the Appellate
  
  Authority or the Board and subsisting immediately before the commencement of
  
  this Act shall, on and from the commencement of this Act, be deemed to be the
  
  liabilities or obligations, as the case may be, of the Central Government; and
  
  any proceeding or cause of action, pending or existing immediately before the
  
  commencement of this Act by or against the Appellate Authority or the Board in
  
  relation to such liability or obligation may, as from the commencement of this
  
  Act, be continued or enforced by or against the Central Government;
  f.  
  
  
  
    all
  
  monies vested in the Central Government under clause (c) shall, after deducting
  
  the amount incurred for discharging the liabilities and obligations referred to
  
  in that clause, be refunded by the Central Government to the person to whom
  
  such amount is due.