Can company reject my buyout during notice period?

Many employee who left the organization in past were denied the option for buyout. Is it legal for the company to do that? The six month of notice period traps us as we cannot apply to any jobs while working for the company, and even if we apply during the notice period, we may loose the job opportunity if the new company asks us to join before the notice period ends. Our pay and position in the company doesn't justify the six months of notice, is there any way out? Can I apply for jobs while working and get a reasonable buyout option? (No company I know will accept a 6 month notice period) Clause from my notice period: This contract of employment is terminable, without reasons, by either party giving six month notice on confirmation. The Company reserves the right to pay or recover salary in lieu of notice period. Further, the Company may at its discretion relieve you from such date as it may deem fit even prior to the expiry of the notice period. You will be governed by the Company’s laid down code of conduct and if there is any breach of the same or non-performance of contractual obligation or the term and conditions laid down in this agreement, your service could be terminated without any notice notwithstanding any other terms and conditions stipulated herein. The Company further reserves the right to invoke other legal remedies as it deems fit to protect its legitimate interests.