Notice and payment of service compensation to employees in the case of transfer of establishment

Where the ownership or management of an establishment is transferred, whether by agreement or by operation of law, from the employer in reIation to that establishment to a new employer, every employee who has been in continuous employment for not less than six months in that establishment immediately before such transfer shall be entitled to the notice and the service compensation in accordance with the provisions of sub-section (1) of section 47: Provided that nothing in this section shall apply to an employee in any case where there has been a change of employers by reason of the transfer, if- (a) the employment of the employee has been interrupted by such transfer; (b) the terms and conditions of employment applicable to the employee after such transfer are not in any way less favourable to the employee than those applicable to him immediately before such transfer; and (c) the new employer is under the terms of such transfer or otherwise, legally liable to pay to the employee in the event of termination of his services, service compensation on the basis that his employment has been continued and has not been interrupted by the transfer.