Hi Shweta,
It's been over a month..and nobody replied..I hope you must have resolved this issue.
See, initial six months are called as probation period, which means an employee can be terminated without any written notice and in the same way, the employee may also resign.
But after six months, if the employee has completed the probation period (If he is communicated about the completion of probation period in writing), in such case (as per the company policy, in case of separation both employee and Organisation give a month notice in writing, in some companises, 3 months notice is given in case leaving the Organisation.
Further you can also terminate the employee paying a month's pay or 3 months's pay (whatever applicable in your case)..and in the same way the employee may also leave after submitting all company's property and giving notice pay.
If you have any questions, please feel free to ask.
warm regards,
Umesh Chaudhary
(welcomeumesh@yahoo.com)