It could have been a simple insertion to safeguard investor's interest. Yet, the Companies (third amendment) Bill, 2001, which is open in Parliament fails to do this. This bill, which replaces the buyback ordinance, permits companies to buy back shares through a board resolution instead of a special resolution. While the objective of the bill is corporate friendly, it fails to safeguard interest of the small investors. Unlike the ordinance which the bill seeks to replace, it doesn't state clearly that the company buying back shares has to inform the stock exchanges immediately -— first when the board proposes a buyback and once a decision to buyback is taken.