Transfer of undertaking of the Board to a public limited company
[5A.(1) Notwithstanding anything contained to the contrary in this Ordinance, the Government may, in public interest, by agreement, transfer the entire undertaking of the Board to a public limited company registered under the Companies Act, 1994, on such terms and conditions as may be specified in the agreement.
(2) As soon as the entire undertaking of the Board has been transferred to the Company, the Government shall notify the fact in the official Gazette and shall, by the same notification, declare that the Board has been dissolved.
Explanation: The word "undertaking of the Board" includes its officers and employees, business, projects, schemes, assets, rights, powers, license, authorities and privileges, its properties, movable and immovable, reserve funds investments, deposits, borrowings, liabilities and obligations of whatever nature, but does not include those related to the submarine cable as referred to in section 5B.
(3) Upon dissolution of the Board, all officers and employees who were serving under the dissolved Board shall, notwithstanding anything contained in any contract or agreement or in the terms and conditions of service, be deemed to be officers or, as the case may be, employees of the Company on such terms and conditions as may be determined by the said Company or, until so determined, on the same terms and conditions as were applicable to them in the dissolved Board prior to its dissolution :
Provided that any such officer or employee may, after 24 (twenty four) months of the dissolution, exercise his option not to continue in the service of the Company.
(4) If any officer or employee of the dissolved Board opts not to continue his service in the Company and intends to continue his service in the government, he shall be retained in the service of the government and the conditions of the service as were applicable to him shall continue to be applicable to him in such manner as if he never ceased to be in the service of the Board.
(5) The Government may, if deems necessary, by notification published in the official Gazette, make further provisions regarding absorption, posting on deputation, lien, retention in the service of the Government as well as other conditions of service, including the creation of supernumerary posts, in respect of officers and employees of the Board.
(6) The Government may, for the purpose of removing any difficulty in relation to the transfer of the undertaking of the Board under sub-section (1) or the dissolution thereof under sub-section (2) make, by notification published in the official Gazette, such order as it considers expedient and any such order shall be deemed to be, and given effect to as, part of the provisions of this Ordinance.