Resignation Acceptance - Release Letter

In our company the notice period for resignation cases are for 3 months. Is it mandatory on the company upon recieving of the resignation letter to acknowledge the same and set a date for release? or during the notice period release letter can be issued at any point of time? Is their any legal angle to the same ? Please advise

Dear Rikkreesha,
Once your resignation is accepted the Company it is automatically understood that the Company is releasing you after completion of Notice Period, i.e., 3 months in your case, unless there is an agreement or compulsion on account of the employee to extend the Notice period. For example: You may have taken a loan for Housing which you need to repay.
Further the Company can release you prior to completion of Notice Period by adjusting your dues against the Notice pay that is due to the Company against your short notice, or can waive the same at their discretion.
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Regards,
SC

Hi Swastik,
But a company can also relieve the employee before the expiry of notice period, the onus lies on the company to set the relieving date, they can relieve an employee anytime they deem fit ( ofcourse it has to communicated at the time of the acceptance of the resignation ).
Please correct me if I am wrong.
Best Regards'
Anu