1. pls check whether the employee has given resignation letter requesting to relieve him at the earliest, then you can very well relieve him immediately and you are not bound to pay him any notice period pay.
2. Further, if you feel that his continuance in present employment would jeopardise your company interests, you can very will relieve him without
any notice pay.
3. Further, since he has got plans to join in a new Company, definitely
he will expect a good relieving letter from you. So, I feel there would be
no problem in relieving him without notice pay.