Labour Welfare vs Employer Sovereignty: A Paradox?

I'm still trying to wrap my head around Section 33(2A) of the Industrial Disputes Act, 1947. It says 'no workman shall be discharged or terminated by an employer without giving one month's notice in writing.' But isn't that contradictory to the principle of managerial freedom under the Factories Act, 1948? The latter allows employers to retrench workers if certain conditions are met. So, do we have two sets of rules now - one for retrenchment and another for discharge? Or is it that one takes precedence over the other? How do courts deal with this? Help, anyone?