Facing Sudden Job Termination: Should I Accept Reduced Severance or Fight Legally?

Hi all, I am working in an IT company as a regional head for the last 3 years. Suddenly, on the 29th of September 2015, my boss came to the office and asked for my resignation immediately. He also instructed me not to come to the office from the following day without providing any specific reason. When I asked him for the reason, he mentioned non-performance over the last 2 years. However, based on the specified years, I had achieved 102% and 104%. He did not want to listen to anything and began to force me, threatening termination otherwise.

When I inquired about my compensation, he referred to the appointment letter which clearly stated the pay in lieu of a notice period of 3 months' salary. After a lengthy discussion, I cooperated with them, handing over my laptop and company-related documents to my boss. Now, the HR head, my boss, and the VP of the company are pressuring me to accept 1 month's salary, equivalent to 3 months of basic pay, citing it as a company and HR policy. Otherwise, they are suggesting I consider taking legal action against the company. Additionally, I would like to mention that our company was acquired by an MNC on the 1st of October 2015.

Now, what should I do? Should I accept the 1 month's salary or pursue legal action? Will legal action be helpful in any way? Please suggest as I am facing significant trouble.

Dear friend,

What has happened to you is quite unfortunate. Nevertheless, this forum is replete with instances of this kind that happen in MNCs. Please confirm what your designation was, how many persons reported to you, etc. This information is important to check whether the provisions of the Industrial Disputes Act, 1947 are applicable to you.

Thanks,
Dinesh Divekar

Apart from what is written above by learned member Shri Dinesh, take one month's pay under protest in writing (state that it is against the terms and conditions of the offer letter dated [insert date] issued by the company). Send a detailed complaint about how termination was forced upon you to the Company head and the MNC that is going to acquire your company. Do not hesitate to go legal if the company does not pay your full dues.