Right of pre-emption of shares in public co. is void

Dear friends,

Bombay High Court in its very important decision given on 15.2.2010 has held that in a public co. right of pre-emption of shares is against the basic provision of Sec.111A of Companies Act which provides for free transferability of shares and hence it is void.  Copy of decision of the court is attached for information of all.

Thanks