claim the rights of a transferee. Clauses 19 to 22 contain pre-emption rights in favour of the existing members, whenever shares are proposed ... supra) that any transfer of shares without exhausting the rights of pre-emption in violation of the articles would constitute an act of oppression
situation the Calcutta High Court has held that where there is a pre-emptive provision in the articles of association a transfer in violation ... credit of respondents
Nos. 2, 3 and 4. The spirit behind the pre-emptive provisions of the article
is that such a benefit should
Company would remain equal and that the parties would have equal pre-emptive rights. Learned Counsel for the respondents further contended that the transfer ... transmission as the share certificates did not accompany the transfer deeds and the transfer deeds were not duly stamped. The Counsel for the respondents pointed
shares for consideration but transfer of shares by way of gift without consideration. The pre-emption clause in the Articles would apply only in case ... respondents, the doner had gifted the shares by a registered deed of gift and also handed over the blank transfer instruments to the donee
