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Shareholder seeking to sell property can’t buy shares of other shareholders: Karnataka HC

Dated on: Thursday 8th June 2023

In a recent ruling, the Karnataka High Court has established that a shareholder who advocates for the sale of a property under Section 2 of the Partition Act is prohibited from purchasing the shares owned by other shareholders. Justice Sreenivas Harish Kumar, while dismissing the petition presented by Mukunda Rao and Venkatesh Rao, emphasized that the petitioners, who expressed their preference for a sale, are not entitled to exercise their rights under Section 3 of the Act if the respondents are willing to acquire their shares at the valuation determined by the court.

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