Section 5
Provision in respect of officers and other employees of the company.
The Tyre Corporation of India Limited (Disinvestment of Ownership) Act, 2007
About this Act
An Act to provide for disinvestment of Government's equity in the Tyre Corporation of India Limited and for matters connected therewith or incidental thereto.
(1) Every officer or
other employee of the company, except the Chairman and Directors, serving in its employment
immediately before the disinvestment of the company under this Act, shall continue in office or service
after such disinvestment, on same terms and conditions as would have been admissible to him if there had been no such disinvestment and shall continue to do so until the expiry of the period of three years from
the date of disinvestments.
(2) Where an officer or other employee of the company opts under sub-section (1) not to be in the employment or service of the company, such officer or other employee shall be deemed to have resigned.
(2) Where an officer or other employee of the company opts under sub-section (1) not to be in the employment or service of the company, such officer or other employee shall be deemed to have resigned.