Legality of Employment clause

Vineet (Querist) 14 March 2009 This query is : Resolved
Dear sirs,

I am working as a software engineer in one of the MNC.
Following is the termination clause given in my appointment letter:

"Your employment with the company may be terminated by yourself or by the Company by giving in writing a minimum of forty five days notice or salary in lieu thereof. Notwithstanding, the above the company reserves the right to pay the equivalent of the prior notice period in lieu of notice and it is acknowledged and agreed in advance that this amount will be adequate compensation to you for the early termination of your employment. Further the company may accept or deny the receipt of salary from you in lieu of notice period depending on the criticality of the assignment/work etc., as deemed fit"

Does this not violate equal justice paradigm?
An employer can terminate employment by giving salary but has RIGHT to accept/deny the same when an employee wants to leave early?
What should I do if I want to buy out my notice period and the employer refuses?

Regards,
Vineet

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PALNITKAR V.V. (Expert) 14 March 2009
No employer can enforce contract of personal service. So you can leave the company and join another. At the most the previous company may claim damages from you which will not be ordinarily more than the usual salary clause unless the company proves special damages due to your non availability.