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of <h1>Company Law Board dissolution and staff transition to new Tribunal/Appellate Tribunal, with benefits protected, no compensation claims allowed.</h1> On constitution of the Tribunal and the Appellate Tribunal, the Company Law Board constituted under the Companies Act, 1956 stands dissolved, and persons then holding office who meet the Act's eligibility requirements continue to function as President/Chairperson/Member of the Tribunal or the Appellate Tribunal, ensuring continuity of adjudicatory functions. Deputation staff transfer to the Tribunal/Appellate Tribunal only if they meet prescribed qualifications, failing which they revert to their parent cadre, determining their service placement on dissolution. Regular employees of the Company Law Board transfer with preserved pension, gratuity and like benefits and continue unless duly terminated or their terms are altered, while being barred from claiming compensation under the Industrial Disputes Act, 1947 or any other law for such transfer. Employee welfare funds' relatable monies vest in the Tribunal/Appellate Tribunal. Others not covered must vacate office without compensation.
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