The actor in fact had never put in his papers and the end of his track was a creative decision taken by the production house and channel. Since his track was about to end on the show, Star has offered him another show on their sister channel Life OK.
While we tried calling Gautam who didn't revert, we noticed that the actor a few days back did announce on Facebook and twitter stating, "Hi friends. I am not quitting Saraswatichandra." And so it looks like while the actor's journey with the show may end soon, his journey with the network and his fans will continue with his new show.