Dear Mr. Susanta.mohanty278,
Employer cannot relieve the employee with immediate effect, just because the Project is at Financial crisis. You need to inform the employee beforehand of atleast a month before (as per the terms in appointment given to 'em) as the management's decision to relieve employees concerned to that project. Henceforth, if your company falls under Shops Act/ Factories Act; you may need to also check for the same before mitigating the same in place.