Got forced retrenchment from a foreign company working in Mumbai.

I had been working in this foreign company for the past more than 28 years with a good track record. I am 52 years old. The company in question is a multi national offshore service company. This year on 20th January the company maintenance manager along with the asst personal manager called me and told me to resign or else they will terminate me. The reason they said is lack of business. They said there is only this two choice. If you resign we will give you a good character certificate and give you compensation amounting to your Gratuity and 17 months pay( basic plus TA ). If I don't resign, they will terminate my service and still they will give me my compensation benefits, but i wont get any good character certificate. I told them to give me some time to think, they said you cannot go out of this room,you have to decide now. So, I resigned, by a writing a letter there and then itself. I have family consisting of 2 studying children and housewife. I asked for more compensation, they said no. I was left with any choice. I left the company that day. After a month I got my compensation with all Tax cutting done as per rule.On That day along with me many people all over India were released from service. All of them seniors with many good years of service behind. I am asking is this not brutality where one is suddenly told to resign and not given much compensation. Can anything be done legally against this order from the company. I had another 8 years service left for retirement, which is 60 years.