Can a company terminate the services of an employee without any reason

Hello All, Request you to provide guidance on following issue. 1) I am a "Workmen" as per ID ACT & I am senior in my category 2) My company has announced capacity adjustment 3) My employment terms says it can be terminated by either party with 3 months notice & also states service can be terminated without any notice or reason for loss of confidence or dishonesty etc...4) so can my company directly terminate my service as per employment clause for specifically capacity adjustment reason OR do they have to follow ID act of Last in first out for workmen category although its not mentioned in my employment terms which will be governing..? 5) Also In general,as per employment terms can company actually any time terminate my services without any reason, clearing all my dues. Please reply point wise and provide your guidance. Regards