Rule 32. Conditions to be complied with after grant of exemption under section 143 of the Code

(1) An establishment or class of establishments, or employee or class of employees, granted exemption under sub-section (2) of section 143 of the Code from the provisions of Chapter IV shall—

(a) maintain such records and submit such returns and information to the Corporation as may be specified by the Central Government in the regulations;

(b) in the event of a change in legal status of the exempted establishment—by merger, demerger, acquisition, sale, amalgamation, or restructuring—the exemption shall stand cancelled, and a fresh application shall be required for exemption.