You have posted:
-"But the bond was never signed and these conditions are not mentioned in confirmation letter as well."
Hence there is no bond. Company might have mentioned in the confirmation letter that other terms and conditions mentioned in the appointment letter shall continue to prevail. Hence you should refer to your confirmation letter and appointment letter. If there is any notice period and you resign without Notice Company shall deduct notice pay.
The whole drama seems to lower the financial burden on the company by taking the ill informed employees for a ride.
-"Many of the employees have leaved the company due to late salaries for last 6-7 months"
Shall these employees become a witness? Or do you have their employee code numbers? If yes then if the situation arises you can charge the company of delaying the payment of salaries in an unfair manner.
-"Now on November 19, 2011 Company terminated our services stating (verbally) you are being fired from the company"
Have you submitted any communication in writing that Mr/Ms.............announced on dated...............on office located at address...........that you are fired/terminated although you are not at any fault, and have you documented your telephone calls to the company.
If not then you are out of office since November 19, 2011 and company might declare you absconding and terminate you. Have you received any communication in writing.
You should keep the letters written and copies with you and are you willing to state that you have posted these letters?
-"The Company was also deducting Rs. 2,000.00 per month from my salary" Is there any clause in your offer/letter that company shall deduct Rs.2000/ as a security etc from your salary. Have you accepted such a clause?
-"Now I want to know is this 45 days time is legal?"
Ideally the company should handover all dues to employee on last working day e.g. experience certificate, FNF dues etc or say within next 2 days however some of the companies mention that in next 30 days a/c shall be settled, however your company wants 45 days.
But you have neither resigned nor you have been terminated nor have you been attending office.
Have you resigned?
What is your choice: you want to contest verbal termination or you want to resign in a back dated notice of resignation, or face termination, or you want to collect your dues and for that you are willing to accept all conditions of the company?