(1) On and from the commencement of this Act,—

(a) all properties and other assets vested in the Cardamom Board and the Spices Export Promotion Council immediately before such commencement shall vest in the Board;

(b) all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with, or for the Cardamom Board or the Spices Export Promotion Council immediately before such commencement for or in connection with the purposes of the Cardamom Board or the Spices Export Promotion Council shall be deemed to have been incurred, entered into and engaged to be done by, with, or for the Board;

(c) all sums of money due to the Cardamom Board or the Spices Export Promotion Council immediately before such commencement shall be deemed to be due to the Board;

(d) all suits and other legal proceedings instituted or which could have been instituted by or against the Cardamom Board or the Spices Export Promotion Council immediately before such commencement may be continued or instituted by or against the Board; and

(e) every employee holding any office under the Cardamom Board or the Spices Export Promotion Council immediately before such commencement shall on such commencement hold his office or service under the Board with the same rights and privileges as to pension, gratuity and other matters as would have been admissible to him if there had been no such vesting; and shall continue to do so unless and until his employment under the Board is duly terminated or until his remuneration and other conditions of service are duly altered by the Board.

(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947) or in any other law for the time being in force, the absorption of any employee by the Board in its regular service under this section shall not entitle such employee to any compensation under that Act or other law and no such claim shall be entertained by any court, tribunal or other authority.