This has nothing to do with the Act. If company accommodation is provided for employees (irrespective of level for all employees) they can stay within the premises. Normally for those employees HRA will not be paid or particular rent amount will be recovered from their salary.
From India, Madras
Occupation of residential accommodation within the factory premises by employees is an issue of safety depending on the nature of manufacturing process carried on in the factory.
I think your question pertains to the overstayal or working beyond the normal working hours inside the factory premises by the managerial cadre employees.
I don't think there are any statutory restrictions in this regard.
From India, Salem