31. Dissolution of the Institute of Company Secretaries of India registered under the Companies
Act.—On the commencement of this Act—
(a) the company known as the Institute of Company Secretaries of India registered under the
Companies Act shall stand dissolved and thereafter no person shall make, assert or take any claims or
demands or proceedings against the dissolved company or against any officer thereof in his capacity
as such officer except insofar as may be necessary, for enforcing the provisions of this Act;
(b) the right of every member to, or in respect of, the dissolved company shall be extinguished,
and thereafter no member of that company shall make, assert or take any claims or demands or
proceedings in respect of that company except as provided in this Act.
32. Transfer of assets and liabilities of the dissolved company to the Institute.—(1) On the
commencement of this Act, there shall be transferred to and vested in the Institute all the assets and
liabilities of the dissolved company.
(2) The assets of the dissolved company shall be deemed to include all rights and powers, and all
property, whether movable or immovable, of that company, including in particular, cash balances, reserve
funds, investments, deposits and all other interests and rights in or arising out of such property as may be
in the possession of the dissolved company and all books of accounts, papers or documents of the
dissolved company; and the liabilities shall be deemed to include all debts, liabilities and obligations of
whatever kind then existing of that company.
(3) All contracts, debts, bonds, agreements and other instruments of whatever nature to which the
dissolved company is a party, subsisting or having effect immediately before the commencement of this
Act, shall be of as full force and effect against or in favour of the Institute, as the case may be, and may
be enforced as fully and effectively as if instead of the dissolved company, the Institute had been a party
thereto.
(4) If, on the commencement of this Act, any suit, appeal or other legal proceeding of whatever nature
by or against the dissolved company is pending, the same shall not abate, be discontinued or be in any
way prejudicially affected by reason of the transfer to the Institute of the assets and liabilities of the
dissolved company or of anything contained in this Act, but the suit, appeal or other proceeding may be
continued, prosecuted and enforced by or against the Institute, in the same manner and to the same extent
as it would or may be continued, prosecuted and enforced by or against the dissolved company if this Act
had not been passed.
1. Ins. by Act 12 of 2022, s. 100, (w.e.f. 10-5-2022).
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33. Provisions respecting employees of the dissolved company.—(1) Every person employed in the
dissolved company and continuing in its employment immediately before the commencement of this Act
shall, as from such commencement, become an employee of the Institute, shall hold his office or service
therein by the same tenure and upon the same terms and conditions and with the same rights and
privileges as to pension and gratuity as he would have held the same under the dissolved company if this
Act had not been passed, and shall continue to do so unless and until his employment in the Institute is
terminated or until his remuneration, terms and conditions of employment are duly altered by the
Institute.
(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 employee of the dissolved
company to the Institute shall not entitle any 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.