Former Andhra Pradesh chief minister and YSRCP chief YS Jagan Mohan Reddy has moved the National Company Law Tribunal ( NCLT ) against sister Sharmila accusing her of "illegally" transferring his shares of a company to her and their mother's name.
The company in the middle of this family feud is Saraswati Power and Industries, shares of which Jagan Reddy alleged was transferred to his sister and mother Vijayamma's names illegally.
Jagan's sister Sharmila is Congress state president in Andhra Pradesh.
Jagan vs Sharmila legal battle
The legal battle between Jagan and Sharmila took a new turn with the petition filed last month in the Hyderabad Bench of National Company Law Tribunal being taken up and posted to November for further hearing, news agency PTI reported. In the petition, Jagan mentioned that he had entered into an memorandum of understanding (MoU) with Sharmila, stating that "out of love and affection" he would transfer his and his wife's shares of Saraswati Power and Industries through a gift deed to his estranged sister, subject to pending cases and attachments by the Enforcement Directorate.
Jagan expressed his desire to revoke the MoU in a letter to his sister, stating that share transfer without fulfilling legal obligations and clearance from the court could have adverse implications. He acknowledged that they were no longer on the best of terms and formally intimated her that he had no further intent to act upon his original intent as expressed in the MoU.
According to Jagan, the properties acquired by their father, former chief minister YS Rajasekhar Reddy, and the ancestral ones were divided among the family members. He intended to transfer the shares, which were his own property, in addition to the Rs 200 crore he had given to his sister directly or through their mother over the past decade.
In his petition, Jagan alleged that to his "utter shock and surprise," the company's board resolution had transferred the entire shareholding of himself, his wife, and Classic Realty (owned by the family) in favor of Sharmila and their mother, Vijayamma, respectively.
Jagan stated that Sharmila, without gratitude and regard for his well-being, conducted a series of actions that deeply hurt him and made several untrue and false statements publicly. These actions were not only politically opposed to Jagan but also blatantly untrue and caused him deep personal dissemination. As a result, the relationship between the siblings has strained, and there is "no love left between the two siblings."
Consequently, Jagan decided not to proceed with his expression of intent to transfer the shares and properties as envisaged under the MoU and gift deed.
After differences cropped up with her brother, Sharmila joined the Congress party earlier this year and was made the president of its Andhra Pradesh unit. She unsuccessfully contested from Kadapa Lok Sabha constituency in the May general elections.
The company in the middle of this family feud is Saraswati Power and Industries, shares of which Jagan Reddy alleged was transferred to his sister and mother Vijayamma's names illegally.
Jagan's sister Sharmila is Congress state president in Andhra Pradesh.
Jagan vs Sharmila legal battle
The legal battle between Jagan and Sharmila took a new turn with the petition filed last month in the Hyderabad Bench of National Company Law Tribunal being taken up and posted to November for further hearing, news agency PTI reported. In the petition, Jagan mentioned that he had entered into an memorandum of understanding (MoU) with Sharmila, stating that "out of love and affection" he would transfer his and his wife's shares of Saraswati Power and Industries through a gift deed to his estranged sister, subject to pending cases and attachments by the Enforcement Directorate.
Jagan expressed his desire to revoke the MoU in a letter to his sister, stating that share transfer without fulfilling legal obligations and clearance from the court could have adverse implications. He acknowledged that they were no longer on the best of terms and formally intimated her that he had no further intent to act upon his original intent as expressed in the MoU.
According to Jagan, the properties acquired by their father, former chief minister YS Rajasekhar Reddy, and the ancestral ones were divided among the family members. He intended to transfer the shares, which were his own property, in addition to the Rs 200 crore he had given to his sister directly or through their mother over the past decade.
In his petition, Jagan alleged that to his "utter shock and surprise," the company's board resolution had transferred the entire shareholding of himself, his wife, and Classic Realty (owned by the family) in favor of Sharmila and their mother, Vijayamma, respectively.
Jagan stated that Sharmila, without gratitude and regard for his well-being, conducted a series of actions that deeply hurt him and made several untrue and false statements publicly. These actions were not only politically opposed to Jagan but also blatantly untrue and caused him deep personal dissemination. As a result, the relationship between the siblings has strained, and there is "no love left between the two siblings."
Consequently, Jagan decided not to proceed with his expression of intent to transfer the shares and properties as envisaged under the MoU and gift deed.
After differences cropped up with her brother, Sharmila joined the Congress party earlier this year and was made the president of its Andhra Pradesh unit. She unsuccessfully contested from Kadapa Lok Sabha constituency in the May general elections.
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