Hi Sameer,
I believe that the "Officers" are bound the terms of the appointment letter. There is a window of opportunity to notify the Company of their intention to leave, "a minimum of one month and a maximum of three months. . . " Consequently, an Officer with more than 3 years of service, as in your case, can submit a resignation letter in as little as one month, but may have a liability of three months "payment in lieu".
However, if the Officer submits his letter, it would be up to the Company to release him (with payment in lieu, if any) at a time most convenient to management.
Regards,
PALADIN