MRS. MALATI RAMCHANDRA RAUT AND ORS. vs MAHADEVO VASUDEO JOSHI AND ORS.

The Supreme Court held that under Sections 2 and 3 of the Partition Act, 1893, when a shareholder requests the sale of their shares, other shareholders are entitled to apply for leave to buy those shares. The Court clarified that the valuation of the shares should be determined as of the date the request to purchase was made, not the date of the preliminary decree. The appeal was allowed, restoring the single judge's decision that mandated valuation based on the date of the request for sale, thus setting aside the Division Bench's ruling requiring probate before proceeding.