Section 56 of the Basic Act,-

(1) in Sub-section (11) "If such shareholders do not purchase shares within that period or the right to purchase shares is given to others If not sold or transferred, such shares can be sold in any other way as decided by the board of directors of the company" have been deleted.

(2) After subsection (11) the following subsections (12) and (13) have been added:-" (12) The shares that have not been purchased by the existing shareholders within the time limit as per sub-section (11) may be sold by the board of directors in such manner as it deems reasonable subject to this Act and regulations. The remaining shareholders will have the first right.”