law: Companies Act, 2013 
  466.
  
    Dissolution
  
  of Company Law Board and consequential provisions.
  1.      Notwithstanding
  
  anything contained in section 465, the Board of Company Law Administration
  
  constituted under the Companies Act, 1956 (hereafter in this section referred
  
  to as the Company Law Board) shall stand dissolved on the constitution of the
  
  Tribunal and the Appellate Tribunal:
  Provided
  
  that until the Tribunal and the Appellate Tribunal is constituted, the
  
  Chairman, Vice-Chairman and Members of the Company Law Board immediately before
  
  the constitution of the Tribunal and the Appellate Tribunal, who fulfil the
  
  qualifications and requirements provided under this Act regarding appointment
  
  as President or Chairperson or Member of the Tribunal or the Appellate
  
  Tribunal, shall function as President, Chairperson or Member of the Tribunal or
  
  the Appellate Tribunal:
  Provided
  
  further that every officer or other employee, who had been appointed on
  
  deputation basis to the Company Law Board, shall, on such dissolution,—
               
  
   i.        
  
    become
  
  officer or employee of the Tribunal or the Appellate Tribunal, if he fulfils
  
  the qualifications and requirements under this Act; and
              
  
   ii.        
  
    stand
  
  reverted to his parent cadre, Ministry or Department, in any other case:
  Provided
  
  also that every officer and the other employee of the Company Law Board,
  
  employed on regular basis by that Board, shall become, on and from such
  
  dissolution the officer and other employee, respectively, of the Tribunal or
  
  the Appellate Tribunal with the same rights and privileges as to pension,
  
  gratuity and other like benefits as would have been admissible to him if he had
  
  continued to serve that Board and shall continue to do so unless and until his
  
  employment in the Tribunal or the Appellate Tribunal is duly terminated or
  
  until his remuneration, terms and conditions of employment are duly altered by
  
  the Tribunal or the Appellate Tribunal, as the case may be:
  Provided
  
  also that notwithstanding anything contained in the Industrial Disputes Act,
  
  1947 or in any other law for the time being in force, any officer or other
  
  employee who becomes an officer or other employee of the Tribunal or the
  
  Appellate Tribunal under the preceding proviso shall not be entitled 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:
  Provided
  
  also that where the Company Law Board has etablished 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 who have become officers or employees of the
  
  Tribunal or the Appellate Tribunal shall, out of the monies standing to the
  
  credit of such provident fund, superannuation fund, welfare fund or other fund,
  
  stand transferred to, and vest in, the Tribunal or the Appellate Tribunal, as
  
  the case may be, and such monies which stand so transferred shall be dealt with
  
  by the Tribunal or the Appellate Tribunal in such manner as may be prescribed.
  2.      The persons holding
  
  the offices of Chairman, Vice-Chairman and Members, and officers and other
  
  employees of the Company Law Board immediately before the constitution of the
  
  Tribunal and the Appellate Tribunal who are not covered under proviso to
  
  sub-section (1 ) shall vacate their respective offices on such
  
  constitution and no such Chairman, Vice- Chairman and Members and officers or
  
  other employees shall be entitled to claim any compensation for the premature
  
  termination of the term of his office or of any contract of service, if any.