As per law company can make 3 month notice period if employee strength is 100 or more and notice period is same for both employee and employer
From India, Surat
Even my company acts on the similar manner that is if employee wants to leave he/she has to give 3 months notice but if a company terminates an employee the notice period is 1 month.
Being an HR i think so this works fair because if a company terminates an employee then there will be some real big cause for the same. It also means employer doesn't want his/her services anymore. Such an employee becomes a kind of liability for the comany rather than an asset and also chances of losing a good candidate in his/her replacement also becomes high in case of 3 month's notice period.
Also think of the expense side, you have to pay for the salary of some unwanted staff's services.

From India, Mormugao
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