Dear Anjali, the Anwser is No, Employer does not have that freedom in Court of law.
Nobody is above the Act.
An employee has the option to reject the same. A Notice period should be equal from both the side to be fair, based on the employee position in the company (certain key position requires 3 months notice, which is currently being exploited by employers for all level. Its shame, but employees are accepting the same due to obligations).
Regards
Ukmitra