Ready to pay for notice period but company not accepting what can i do

Hello sir, Hope you are doing good. I have one doubt regarding resignation policy. Can you please help me out on this. I have put my resignation in my current company. I also told them that I'm ready to pay in lieu of not serving notice period. As per company policy, I have to get approval from my manager. My manager is not approving it, and I stopped going to office from today. HR called me up and told me to report back to office, else they will take an action against me. Can they take an action legally ? If so how far will it go ? Thanks in advance.