Dear Jagadish,
We do not know in what context you have raised your query. A little more background information could have brought clarity.
If the company wishes to terminate the services of the employee on disciplinary grounds, then it is incumbent on the company to follow the principles of natural justice.
Yes, you may give short shrift to the disciplinary procedure, however, by chance, if the terminated employee files a lawsuit, then the company may get entangled in the litigation. As you are well aware that court cases drag on the for the years. Under such circumstances, the cost of the half job could be greater than the cost incurred because of the process of discipline.
If the company adheres to the principles of natural justice, then the company can have a sense of comfort or relief, and the other party will think many times before proceeding with the litigation.
Thanks,
Dinesh Divekar