(1)Where the exemption granted under sub-section (1) is revoked under sub-section (2) of section 7 of this Act the employer shall transfer the Gratuity Fund already created or assigned in favour of the Controlling Authority the Insurance of Life Insurance Corporation of India obtained under the Payment of Gratuity Act, 1972 in such manner as may be provided in the Scheme.(2)If any amount transferred under sub-Section (1) is found short, the employer shall pay the balance amount within such time as may be directed by the Controlling Authority.(3)If the sum assured in the policy assigned is found short of as per provision of the Scheme, the employer shall pay the balance amount within such time as may be directed by the Controlling Authority.
