(1)Notwithstanding anything contained in this Act, but subject to the provisions of sub-section (2) of this section and section 77-B, a company may purchase its own shares or other specified securities (hereinafter referred to as "buy-back") out of-(i)its free reserves; or(ii)the securities premium account; or(iii)the proceeds of any shares or other specified securities:Provided that no buy-back of any kind of shares or other specified securities shall be made out of the proceeds of an earlier issue of the same kind of shares or same kind of other specified securities.
