1) if you refuse to resign management can terminate your services

2) you would be entitled to notice pay on termination of services as per terms of your appointment letter

3) since you are not a workmen you would not be netitled to retrnechment compensation . The Retrenchment Compensation is mentioned in Industrial Disputes Act 1947. It is 15 days wages for per completed year of service or part thereof. This is the compensation payable at the time of retrenchment. This is the amount called as Retrenchment compensation payable for the services rendered by workman

Do not put in your resignation. Let the employer terminate your services whereupon you can adopt your legal remedies to assail the termination.

You should not resign on their pressure, you can very well refuse and inform them that if they still persist on it you may have no choice than to approach labour commissioner and the local police for pressurising you to leave the job and for intimidating you.

Alternately you may bring this to the knowledge of the top management and seek their intervention for a relief to this continuous pressure and torture.