Smt. Claude-Lila Parulekar vs M/S. Sakal Papers Pvt. Ltd. & Ors

The Supreme Court ruled on the interpretation of Section 155 of the Companies Act, 1956, affirming the right of preemption in share transfers. The Court held that the transfer of 3417 shares was invalid as it violated the appellants' preemptive rights and Section 108 of the Companies Act, 1956. The judgment upheld the lower court's decision to set aside the transfer of shares to the respondent group, contingent upon the appellants depositing a specified amount, thereby reinforcing the legal principle that preemptive rights must be respected in corporate share transactions.