Section 15 in The Indian Iron And Steel Company (Taking Over Of Management) Act,1972
15. Powers to terminate contract of employment.
If the Custodian is of the opinion that any contract of employment entered into by the company or the managing agents of the company in relation to the undertaking of the company, at any time before the appointed day, is unduly onerous, he may, by giving to the employee one month's notice in writing or the salary or wages for one month in lieu thereof, terminate such contract of employment.
