Termination rules - only for permanent employees, notice is to be given but not in case of contract employees

As per a colleague, an employer is not required to give one month notice to contract employees. He can terminate their services at just one day's notice. He said that for permanent employees, notice is to be given but not in case of contract employees. Is it possible?

In respect of Fixed Term Contract Employment, the employment comes to an automatic end on the expiry of the last date of the contract already fixed. Only in such a situation no notice of termination is required. In all other situations where the contract subsists, notice of termination of the contract is required from the employer or the employee whoever terminates the contract.

Terms of employment are as per contract agreement
Notice period for voluntary exit or termination of contract would be as per clauses in contract.
So impression that notice is not needed to terminate will be misplaced.
Alos remember principles of justice and over night termination would be morally and ethically wrong.

Yes, now a days often the Employer instructs to keep a 'Termination Simpliciter' clause, which gives an absolute right to the Employer to terminate his/her employer at any point of time without assigning any cause or even a notice! This is actually every Employers are practicing!
Now at the same point of time it is also a fact that if the termination of service is a colourable exercise of the power vested in the management or as a result of victimisation or unfair labour practice, the Industrial Tribunal would have jurisdiction to intervene and set aside such termination (The Chartered Bank, Bombay v. The Chartered Bank Employees' Union).
But still Employees maximum number of Employees prefer not to challenge their termination and chose to remain in the good books of Employers so that the door of employment does not gets permanently closed!