Exemption u/s 54 for purchasing shares of a housing

My Client has sold multiple apartments (which was assessed to house property income) and desires to invest the 'long term capital gains' in a residential unit in a housing project. However, in that particular housing project (diamond district, bangalore), due to some violations, they are giving shares of the company which denote the residential unit. Unfortunately, it is not a housing co-op society in its legal form, although the company is incorporated only for this project.

Please advise if exemption u/s 54 could be claimed?

Thanks in advance