Former AP CM and YSRCP chief YS Jagan Reddy and his wife YS Bharati filed a plea against his sister YS Sharmila and their mother YS Vijayamma in the National Company Law Tribunal (NCLT) in Hyderabad, in a clear sign of growing rift in the family.
The petition was filed in connection with allotment of shares of Saraswati Power and Industries Private Limited, under section 59 of the Companies Act on September 10. The Act deals with rectification of register of members.
Jagan and Bharati seek to annul what they describe as illegal transfer of shares of Saraswati Power Company. They state that the transfer of shares were done illegally in July 2024 in violation of an MoU signed earlier.
The shares were also transferred without the submission of duly executed share forms or original share certificates, which is required under Section 56of Company Act.
‘No love lost between siblings’:
In the submission, Jagan said that YS Sharmila took a series of actions that have deeply hurt him. “These actions along with false statements made publicly, were in political opposition to me and have caused me deep disrepute.”
He also alleged that his sister’s action also caused him emotional turmoil and all love and affection between the siblings ‘melted down’. Her remarks were politically motivated and have agonized Jagan.
The YSRCP leader also asked the NCLT to nullify the transfer of 74,26,294 shares from Jagan to Vijayamma and 40,50,000 from Bharati to Vijayamma. They also sought to rectify the company’s register and restore them as share holders.
