law: The Small Industries Development Bank of India Act, 1989 
  33. Staff of Small
  
  Industries Bank
  1.     
  
    The
  
  Small Industries Bank may appoint such number of officers and other employees
  
  as it considers necessary or desirable for the efficient performance of its
  
  functions and determine the terms and conditions of their appointment and
  
  service.
  2.     
  
    At
  
  any time before the expiry of six months from the appointed day, the
  
  Development Bank may in public interest, transfer to the Small Industries Bank
  
  such members of it staff whom the Development Bank considers as relevant to, or
  
  suitable for, the functions of the Small Industries Banks, as on deputation
  
  with the Small Industries Bank but such members shall hold office by the same
  
  tenure and upon the same terms and conditions of service as respects
  
  remuneration, leave, provident fund, retirement or other terminal benefits as
  
  they would have held such office if the Small Industries Bank had not been
  
  established and shall continue to do so until the Development Bank either on
  
  its own motion or at the request of the Small Industries Bank recalls such
  
  member of staff to its service:
  Provided that every member of the staff so
  
  transferred may elect to go back to the Development Bank by exercising an
  
  option in writing to that effect before the expiry of a period of nine months
  
  from the appointed day and on the exercise of such option, the Development Bank
  
  shall, before the expiration of a period of eighteen moths from the appointed
  
  day, take back such member of the staff and he shall be deemed to have been on
  
  deputation to the Small Industries Bank during the period he was a member of
  
  the staff of the Small Industries Bank.
  1.     
  
  
  2.     
  
  
  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 absorption of any member of the
  
  staff by the Small Industries Bank in its regular service under this section
  
  shall not entitle 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.
  Explanation. For the purposes of this
  
  section, "appointed day" means the date of establishment of the Small
  
  Industries Bank under section 3.