With the passing of Amrish Puri and Sridevi, two of the most iconic parts in the iconic film Mr India, there really is no point in making a sequel. Especially as the film's director Shekhar Kapoor has already stated that he will not be directing the second part - should it ever be made. Let's just leave a classic alone shall we?
Bollywood is not great with sequels or remakes - there are too many to list - and the ones that succeeded are exceptions to the rule - not the rule.
Mr India the film is a magical part of many a memory. Let's leave all classics alone.