law: Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993
  8. Provisions in
  
  respect of officers and other employees of Corporation.-
  1.  
  
    Every
  
  officer or other employee of the Corporation (except a Director of the Board,
  
  Chairman or Managing Director) serving in the employment immediately before the
  
  appointed day shall, in so far as such officer or other employee is employed in
  
  connection with the undertaking which has vested in the Company by virtue of
  
  this Act, become, as from the appointed day, an officer or, as the case may be,
  
  other employee of the Company and shall hold his office or service therein by
  
  the same tenure, at the same remuneration, upon the same terms and conditions,
  
  with the same obligations and with the same rights and privileges as to leave,
  
  leave fare concession, welfare scheme, medical benefit scheme, insurance,
  
  provident fund, other funds, retirement, voluntary retirement, gratuity and
  
  other benefits as he would have held under the Corporation if its undertaking
  
  had not, vested in the Company and shall continue to do so as an officer or, as
  
  the case may be, other employee of the Company or until the expiry of a period of
  
  six months from the appointed day if such officer or other employee opts not to
  
  continue to be the officer or other employee of the Company within such period.
  
  
  2.  
  
    Where
  
  an officer or other employee of the Corporation opts under sub-section (1) not
  
  to be in employment or service of the Company, such officer or other employee
  
  shall be deemed to have resigned.
  3.  
  
    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 of the Corporation to the Company 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 or other authority.
  4.  
  
    The
  
  officers and other employees who have retired before the appointed day from the
  
  service of the Corporation and are entitled to any benefits, rights or
  
  privileges shall be entitled to receive the same benefits, rights or privileges
  
  from the Company.
  5.  
  
    The
  
  trusts of the provident fund or the gratuity fund of the Corporation and any
  
  other bodies created for the welfare of officers or employees would continue to
  
  discharge their functions in the Company as was being done hitherto in the
  
  Corporation and any tax exemption granted to the provident fund or the gratuity
  
  fund would continue to be applied to the Company.
  6.  
  
    Notwithstanding
  
  anything contained in this Act or in the Companies Act, 1956 (1 of 1956) or in
  
  any other law for the time being in force or in the regulations of the
  
  Corporation, no Director of the Board, Chairman, Managing Director or any other
  
  person entitled to manage the whole or substantial part of the business and
  
  affairs of the Corporation shall be entitled to any compensation against the
  
  Corporation or the Company for the loss of office or for the premature
  
  termination of any contract of management entered into by him with the
  
  Corporation apply to the books of the Company. The Company shall be deemed to
  
  be a bank for the purposes of the Bankers' Books Evidence Act.