Hi Ravi,
I think Naresh Taneja has given you fair idea about the subjected topic and I would like to add one think " A dismissal is followed by certain steps viz-warnings -(verbal,written) , inspection and reports on the topic etc.
and discharge is something which is bound with the standing order of the company take an example of retirement, lock out, shifting of the company, lack of fund, or stay order of the court.
Pls. write me if I am wrong !!
Regards
sachin Pathak