Employee transfers or termination - upper management ordered them to cut down the employees

Hello seniors, Currently i am working in private sector firm as TEAM LEADER since September 2018. And all of a sudden HR comes to me and give transfer letter from my home town to about 300 kms far and also demotes me from TL to sales executive. As my performance is also ok and there is no complaint of any misconduct or malpractice. There is no clause mentioned in my appointment letter regarding transfer.
And he said to me that if i will not go then i have to resign. This will affect my career very badly. Please guide me what should i do in this case. He is giving excuses of that now upper management ordered them to cut down the employees but there is no mention of cutting down the number of TLs in the organisation.
It's very urgent.

Dear Mr VJ Malhotra,
You have mentioned what happened in the recent past. However, we also need to know your relations with your Manager. Most of the transfer decisions are taken after consulting the HOD. Was there any problem in the recent past?
Assigning a specific work location to the employee is an integral part of the administrative procedure. Therefore, no questions can be raised on this count. However, you can raise objection provided a specific location is mentioned in the appointment letter.
Employee transfer at a far off place is nothing but a ploy to ensure that the employee quits on his own. Therefore, the transfer might have been done with the intention to remove you.
You may submit an application to the MD of your company asking for clemency and withhold the transfer. Nevertheless, if the MD does not accede to your request then whether to accept the transfer to resign is your choice.
Thanks,
Dinesh Divekar

My relation among organisation employees are very sobar i neither argued with anyone nor misbehave.

Can i challenge my termination in labour court?

Dear Mr VJ Malhotra,
If your relations with your seniors and other colleagues were cordial then the transfer may not be a ploy to remove you. Nevertheless, before transferring an employee generally he/she is taken into confidence. Possibly your management might have anticipated your resistance and they did not disclose decision of your transfer to you. Anyway, coming up with direct transfer order is very crude way of handling the matter.
As written earlier, whether to accept the transfer or not is your call. You may choose to resign also. Your decision will depend on your financial situation.
Lastly, about termination. Your company has issued you Transfer Order and not Termination Order. Therefore, on what grounds can you challenge the decision? Non-compliance of the Transfer Oder is misconduct and your company may take action against you. Therefore, is advisable not to take on your management. Any negative remarks in your Service-cum-Employment Certificate could hamper your future job search.
Thanks,
Dinesh Divekar

I dont have any issues with transfer but they are demote me and also not providing any financial rembursemet for fooding, lodging, transportation etc. So can i ask them for the same? And what if they refuse to provide the same?