Question Regarding Notice Period

I've been working in an MNC for over a year now. The company told me to "start looking for another job". I fear getting sacked/fired soon. My performance is upto the mark and I've not done anything that violates the company's policy. My question is - Will I get to serve my notice period or can they fire me with immediate effect? The relevant section from my offer letter reads- Notice period and termination a. Either party may terminate the employment by giving a mandatory minimum of 3 months' notice to the other party, (also applicable during probation period) The Firm may, at its discretion, with or without conditions, agree to waive off the 3 months’ notice period requirement, either wholly or partly. b. The Firm may terminate / suspend your services, at its discretion, at any time immediately upon written notice to you, if it has been alleged and prima facie established, through preliminary internal enquiry that you have committed (i) any heinous criminal act or any offence involving moral turpitude (the term “Moral Turpitude” includes crimes having an inherent quality of baseness, vileness, or depravity with respect to a person's duty to the society in general.), (ii) sexual harassment (adjudicated guilty as per the Firm’s policy and local laws) or (iii) other act that threatens or is likely to damage Firm’s reputation.