Section 466 — Dissolution of Company Law Board and consequential provisions

(1) Notwithstanding
anything contained in section 465, th e Board of Company Law Administration constituted under the
Companies Act, 1956 (1 of 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 fro m 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 (14
of 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 established 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 Tribun al 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