Employee should always tender reasonable notice and handover charge, complete assignments under proper acknowledgment and thus build favorable record in writing. Thus company shall also not be able to charge and claim for any loss due to abrupt termination.
The companies are known to turn vindictive and sit on FNF settlement/reliving to harass the employee.
Service certificate/relieving letter has to be issued to all employees.
If employer can terminate by 1 day notice without bothering to see if employee has arranged another employment or not then employee can also do so without caring if employer has designated replacement or not. Moreover if the appointment letter issued states notice pay in lieu of notice period then employer has to observe the T&C in appointment letter drafted by it.
Pls do not act in haste.
If there are issues that you are facing approach elders in the family, your lawyer and proceed further with cool mind and defend your interest.
Although you have stated your designation as Manager your lawyer may ask you a set of structured questions and may opine that you would be covered as Workman and Employee. IN such a case you shall have better remedies.