4. Commercial employment within India
(1) No employee who has held a class I post under the Board immediately before retirement (whether governed by pension scheme or by contributory provident fund scheme) shall accept any commercial employment within India before the expiry of two years from the date of retirement without obtaining the previous permission of the Chairman.
(2) No such employee who has not obtaianed the previous permission of the Chairman shall be given any contract for or in connection with the execution of any works under the Board.
Note - A condition shall be incorporated in the terms of every contract for works that it is liable to cancellation if either the contractor himself or any of his employee is found to be a person to whom these regulations apply and he had not obtained the necessary permission.
(3) Such an employee, whether governed by pension scheme or by contributory provident fund scheme, shall, before his retirement benefits are authorised to be paid, sign an undertaking that he shall not seek commercial employment within two years of his retirement without obtaining the previous permission of the Chairman.
(4) In case such an employee accepts a commercial employment without the previous permission of the Chairman within two years of his retirement, he shall
(a) if governed by pension scheme, forfeit his pension in respect of the period for which he is so employed or for such longer period as the Chairman may direct; and
(b) if governed by contributory provident fund scheme, be liable to pay such compensation to the Board as the Chairman may determine for breach of the undertaking given by him under sub-regulation (3).
Provided that an employee who was permitted by the Chairman to take up a particular form of commercial employment during his leave preparatory to retirement, leave preparatory to final cessation of service or refused leave shall not be required to obtain fresh permission for his continuance in such employment, after retirement.
(5) In the case of an employee who has held a Class I post immediately before retirement in the Civil or Mechanical Engineering Department, irrespective whether he is employed in engineering or administrative duties, permission for employment, within two years of his retirement, as a contractor for or in connection with the execution of works for the Board, or as an employee of a contractor who has been awarded a contract for such works, may be given rarely and only in special circumstances.
(6) The application for permission to take up a commercial employment within two years of retirement shall be made in the form set out in the annexure to these regulations.