https://www.taxtmi.com/caselaws?id=109991 The Division Bench validated the transfer of shares to the Pawar Group despite finding violations of the appellants' rights and non-compliance with the Companies Act and Articles of Association. The Court upheld the appellants' right of preemption, invalidating the sale to the Pawar Group due to unilateral actions by the respondents. The issuance of new shares without proper notice was deemed invalid, aimed at consolidating control by the Pawar Group. The Court opted for compensation of Rs. 3 crores and share allotment to the appellant instead of rectification, considering the passage of time and changes in circumstances. en-us Fri, 18 Mar 2005 00:00:00 +0530 Wed, 13 Dec 2017 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109991 The Division Bench validated the transfer of shares to the Pawar Group despite finding violations of the appellants' rights and non-compliance with the Companies Act and Articles of Association. The Court upheld the appellants' right of preemption, invalidating the sale to the Pawar Group due to unilateral actions by the respondents. The issuance of new shares without proper notice was deemed invalid, aimed at consolidating control by the Pawar Group. The Court opted for compensation of Rs. 3 crores and share allotment to the appellant instead of rectification, considering the passage of time and changes in circumstances. Case-Laws Companies Law Fri, 18 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109991