Aniket has fraudulently sold his shares to two different transferees. Who will be entitled to the shares in priority?

Referring to Society General De Paris v. Jonet Walker and other (1886) it was held that where a shareholder has fraudulently sold his shares to two different transferees, the first purchaser will, on the ground of time alone, be entitled to the shares in priority to the second. Applying the case here, the first purchaser will be entitled to the shares in priority.