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Dissolution of Company Law Board: transitional rules transfer qualifying officers and staff to the Tribunal with preserved service benefits. Clause 466 dissolves the Company Law Board on constitution of the Tribunal and Appellate Tribunal and prescribes transitional arrangements: qualifying incumbents continue in equivalent offices; deputation staff either transfer if they meet requirements or revert to parent cadres; regular employees transfer with continuity of pension, gratuity and similar benefits; transferred employees are barred from compensation claims under this Act or other laws; monies in staff funds attributable to transferred employees vest in the successor bodies and are to be dealt with as prescribed.
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Dissolution of Company Law Board: transitional rules transfer qualifying officers and staff to the Tribunal with preserved service benefits.
Clause 466 dissolves the Company Law Board on constitution of the Tribunal and Appellate Tribunal and prescribes transitional arrangements: qualifying incumbents continue in equivalent offices; deputation staff either transfer if they meet requirements or revert to parent cadres; regular employees transfer with continuity of pension, gratuity and similar benefits; transferred employees are barred from compensation claims under this Act or other laws; monies in staff funds attributable to transferred employees vest in the successor bodies and are to be dealt with as prescribed.
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