Company denying my notice period buyout option

My notice period is 3 months and my company denied to waive off notice period. I emailed them that I am ready to buy out my notice period to which they refused my offer. Can company deny buy out? I am serving 1 month notice and I want to buy out rest 2 months. My company clause states:- Point 6 (c) - Upon confirmation, your services are liable to be terminated by XXX after providing you One month's notice during which period you may have to actually work or payment of salary thereof. You shall also be bound to provide XXX with One month's notice prior to resignation or reimburse the company One month's salary or part thereof. Balance privilege leave if any will not be adjustable against notice period Point 6(d) - XXX reserves the right to extend the notice period and shall be informed to you in writing/electronic mail and you shall have no objections to such extension. Other terms as given in 6(c) above will apply. Email from XXX upon confirmation states:- Furthermore your attention is drawn to Clause no . 6(iv) of offer letter in respect of notice period severance. The Company has entrusted important responsibility on you and therefore it would now be imperative that with immediate effect in situation of severance the notice period on either side would be 03 (Three) months or monetary compensation in lieu of short notice period. No leave or any other absence will be permissible during the said notice period.