Anuradha,
This is an interesting question.
While the Appointment Letter does have have a sanctity of law between the employer and the employee, any partial rights provided in the said appointment letter could get struck down at a later stage (like in a court case, if the matter of termination does reach there!)
Also, the termination itself must be justified on the criterion of applicable law and principles of natural justice!
In such a case yes, termination without notice or compensation is posible!
Caution: If the Appointment Letter gives such a right as you claim, only to one party and not to the other, then it may may not stand test of law!
Is the matter clear?
Regards
samvedan
September 24, 2005