Can employer force to serve full notice period in Indian IT firm?

The terms of employment agreement says this:- Your employment with the Company may be terminated by either party by giving ninety (90) days’ written notice or three (3) months’ gross salary in lieu thereof. The Company reserves the right, at its sole discretion, to release you from services of the Company only after satisfactory handover of the responsibilities assigned to you (including any knowledge transfer). I have got a new job offer. The new organization is willing to wait for 75 days but not more than that. I have asked my management for an early release but they are forcing that I serve full notice period.and they are telling that we are not giving early release to anyone and i am not special one. I am ready to pay or adjust my leaves against the 15 days that I will not serve. What is the procedure and legal ways to get out of these conditions without absconding?For dependancy reduction, management does not take any steps in first 60 days and give execuses that we are hiring resource, and at last minute they tell to stay beyond 75 days.Please assist.