Transfer of Property Act 1882
14. Rule against perpetuity.—
No transfer of property can operate to create an interest which is to take effect after the life-time of one or more persons living at the date of such transfer, and the minority of some person who shall be in existence at the expiration of that period, and to whom, if he attains full age, the interest created is to belong.
A covenant for pre-emption does not offend the rule against perpetuities and cannot be considered void in law; Ram Baran v. Ram Mohit, AIR 1967 SC 747.