Employer Not Ready For Notice Period Buyout Option

Hi, I have completed probation period. I am planning to resign my current company by servicing notice of one month and paying the money for remaining period as total notice period is for three months. The pharase mentioned in offer letter (not on bond paper) is as below:
---- "Upon completion of probation period and confirmation as a ragular employee, you or the company may terminate your service at any time by giving 90 days notice or basic salary in lieu thereof. However due to exigencies of business the company may at its sole discretion reject the salary in lieu of notice and ask you to serve the entire or part of the notice period. you shall not be deemed to have been relieved of your service except upon issue of a letter by the company to that effect." ----
Can anybody please let me know what implication/legal actions might be there from the company towards me...

Well intelligent friend, am sure you are looking for
a/. a relieving letter from the current employer
b/. expecting a full and final settlement
c/. expecting an experience certificate from the current employer
and you would not get it because you seem to have decided to disappear without serving your notice period
Plus do note that many of the employers have started using back check agencies that do a thorough check on your past and this behavior of yours could find you in trouble at a later date. I know of employees who were terminated by the new employer on getting a negative back check report.
Best of luck and pray that your past does not catch up with you