Section 12(1) in Caltex [Acquisition of Shares of Caltex Oil Refining (India) Limited And of the Undertakings in India of Caltex (India) Limited] Act, 1977
(1)Where a provident, superannuation, welfare or other fund has been established by Caltex (India) for the benefit of the person employed by it in connection with its undertakings in India, the moneys relatable to the employees-(i)whose services are transferred by or under this Act to the Central Government or the successor Government company, or(ii)who are in receipt of pension or other pensionary benefits immediately before the appointed day, shall, out of the moneys standing, on that day, to the credit of such provident, superannuation, welfare or other fund stand transferred to, and vested in, the Central Government or the successor Government company, as the case may be, free from any trust that may have been constituted by Caltex (India) in respect thereof.
