Is it necessary to serve notice period as stated by the employer?

I am working as a Content Writer in Calicut and the head office of my company is in London, UK. My employer has made the following terms and conditions of employment: "Permanent Staff who wish to terminate their employment with the Company are expected to give 4 month notice period; or in times of conflict in accordance with Section 4 of the Minimum Notice and Terms of Employment Act, 1973. Notwithstanding the foregoing, the Company may, at its discretion waive its right to notice. The company reserves the right to ask compensation to the staffs who do not serve the notice period and it will be at company's discretion." My office has now changed some among the employment details like timing of work etc and I am no more interested to work here. I have given my resignation but the company is asking me to continue 4 months more. Do I need to stay back for4 months. We do not have any PF, ESI etc. Will I face any legal issue or compensation troubles if i join another office within one month after providing my resignation. Is it the rule in UK or India that would be applied in my case?