https://www.taxtmi.com/caselaws?id=109506 Non-compliance with an articles of association clause requiring notice to the board and pro rata offers to existing members justifies setting aside an unauthorised share transfer and rectification of the register, but does not itself create a right to compel the transferor to sell to existing members. The procedural pre-emption mechanism in the articles governs acquisition rights and must be followed to vest purchase rights at the value fixed by the board or auditors. The adjudicatory body may order rectification and compensation for loss but lacks power to direct a specific member to transfer shares to particular persons. en-us Thu, 27 Nov 2003 00:00:00 +0530 Tue, 10 Apr 2012 15:33:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109506 Non-compliance with an articles of association clause requiring notice to the board and pro rata offers to existing members justifies setting aside an unauthorised share transfer and rectification of the register, but does not itself create a right to compel the transferor to sell to existing members. The procedural pre-emption mechanism in the articles governs acquisition rights and must be followed to vest purchase rights at the value fixed by the board or auditors. The adjudicatory body may order rectification and compensation for loss but lacks power to direct a specific member to transfer shares to particular persons. Case-Laws Companies Law Thu, 27 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109506