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.