Section 186: Persons from who shares can be bought back.

A company may buy back its shares—(a) from the existing shareholders or security holders on a proportionate basis;
(b) from the existing shareholders in a manner permitted pursuant to a scheme of arrangement sanctioned by the court;
(c) from the open market; and
(d) by purchasing the securities issued to employees of the company pursuant to a scheme of stock option or any other similar scheme.