Section 12(1) in Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
(1)Every person who has been. immediately before the appointed day, employed by the Company in relation to a textile undertaking. shall become, on and from the appointed day, an employee of the National Textile Corporation and shall hold office or service in that Corporation with the same rights and privileges as to pension, gratuity and other like matters as would have been admissible to him if the rights in relation to such textile undertaking had not been transferred to, and vested in, the National Textile Corporation, and shall continue to do so unless and until his employment in that Corporation is duly terminated or until his remuneration, terms and conditions of employment are duly altered by that Corporation.
