Terms were already explained very clearly. Therefore you can buyout the notice period and the company is not allowed to restrain youfrom paying to the company.
You are required to send anotice for compliance of contract.
Send legal notice to the concerned directors of the company calling upon them to adhere to the terms of the employment and relieve.
The Specific Relief Act says that a Contract of Personal Service cannot be enforced in a Court of Law which means that if an employee quits before the Notice period the Employer can only recover the Notice pay. No Employer can force an Employee to complete the Notice period, it is for the employee to complete the Notice period in order to take his full salary and the relieving letter.
You can leave the job by either giving notice or payment in lieu of notice.The CompanyÕs policies and procedures are the supplementary aspects. The constitution of India provides the fundamental right to every person to choose the profession of his choice and any agreement contrary to this is invalid. By putting the clause in service regulation that it is companyÕs discretion to accept the notice or not is against the provisions of constitution of India. Hence company cannot threaten you by showing this clause. The Company cannot force you to serve the entire notice period.
Reference: Industrial Disputes Act, 1947
Industrial Employment (Standing Orders) Act 1946