Dear Bhaalaaji,
You are right in quoting Section 12 (3) and 18 (1) of the Industrial disputes Act,1947,which are available to the working class in case of disute with the employer.The following is the basic difference:-
(i) Under Section 12(3), a settlement of the dispute is arrived at in the course of the conciliation proceedings and the conciliation officer send his report to the appropriate Government together with a memorandum of the settlement signed by the parties to the dispute.
(ii) Under Section 18(1), a settlement is arrived at by agreement between the employer and workman otherwise than in the course of conciliation proceeding .
A settlement arrived under Section 12(3) is binding on (a) all the parties to the industrial dispute; (b) all other parties summoned to appear in the proceedings as parties to the dispute (c) the employer, his heirs, successors or assigns in respect of the establishment to which the dispute relates; (d) all persons who were employed in the establishment at the time of the dispute and all persons who subsequently employed in that establishment, Whereas the settlement Under Section 18(1) is binding ONLY on the parties to the agreement.
BS Kalsi