11. Continuance of employees.—(1) Every employee of the Company, employed in connection with
any undertaking owned by it, shall, on and from the appointed day, become an employee of the Central
Government, and where such undertaking is vested in a Government company under this Act, become, on
and from the date of such vesting in such Government company, an employee thereof and shall hold
office or service under the Central Government or the Government company, as the case may be, with the
same rights and privileges as to pension, gratuity and other matters as would have been admissible to him
if there had been no such vesting and shall continue to do so unless and until his employment under the
Central Government or the Government company, as the case may be, is duly terminated or until his
remuneration and other conditions of service are duly altered by the Central Government or the
Government company, as the case may be.
(2) 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 person employed
in any undertaking owned by the Company to the Central Government or the Government company shall
not entitle such officer or other 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.
12. Provident fund and other funds.—(1) Where the Company has established a provident fund,
superannuation fund, welfare fund or other fund for the benefit of the person employed in any of the
undertakings of the Company, the monies relatable to the employee, whose services have become
transferred by or under this Act, to the Central Government or the Government company, shall, out of the
monies standing, on the appointed day, to the credit of such provident, superannuation, welfare or other
fund, stand transferred to , and vest in, the Central Government or the Government company, as the case
may be.
(2) The monies which stand transferred under sub-section (1) to the Central Government or the
Government company, as the case may be, shall be dealt with by that Government or the Government
company in such manner as may be prescribed.