Dear Parthipan,
"Leave" is a statutory benefit available to individual employees to be temporarily away from their work with the prior sanction or post approval of the employer; "Holiday" is also a similar benefit which requires no permission from the employer as it is either prefixed as per the Law applicable to the establishment or declared by the employer on certain occasions in a year in respect of the whole establishment or all employees with the exception of a few depending upon the nature of operations. Therefore, it is the location of the establishment or the place of employment that determines the types and quantum of statutory leave and holidays as per the provisions of Law applicable to that particular locale. If yours is an European MNC or an Indian Company working from India for foreign clients/customers, you can only add the foreign holidays to the existing Statutory holidays but not in lieu thereof.