Section 4(2) in U.P. State Industrial Development Corporation Limited (Transfer of Assets and Liabilities) Act, 2018
(2)It is hereby expressly provided with respect to the Provident Fund, Gratuity, Leave Encasement, etc. created for the benefit of the employees of the Corporation mat for all objectives and works, the Authority shall replace the Corporation from the appointed date, so that the operations and management of such schemes and funds, the liabilities of subscriber under the provisions of the trust deed shall be discharged property. Lastly, it is construed that all the rights, duties, powers and liabilities with respect to these funds, etc. shall vest in the Authority. It is hereby clarified that the services of all the employees of the Corporation shall be deemed to be continued uninterruptedly under the rules of above funds, schemes, etc.
