Former chief minister YS Jaganmohan Reddy has accused his sister YS Sharmila of running the entire affair behind his sister Sharmila in the Saraswati Power share transfer dispute, keeping mother Vijayamma in front. He said that she is greedy and trying to snatch their property.
In view of the court cases, he said if the shares are kept in the mother’s name, then she is trying to block the gift deeds and make Sharmila the owner. He has filed a petition in the NCLT saying that the love and affection he had once for her no longer exists.
Meanwhile, Sharmila pleaded the Tribunal that she had nothing to do with the case and that the company’s petition for distribution of assets had nothing to do with it. She sought to have her removed as a respondent. The bench issued notices to the parties concerned to file replies on this.
Jagan said that he can understand the anguish of his mother Vijayamma in the Saraswati Power share transfer dispute and that he also has respect for her, but he revealed that he filed the petition only to stop the illegal activities being done by her sister behind her.
Jagan, Bharathi Reddy and Classic Realty had earlier filed a petition seeking to amend the names of shareholders in the Saraswati Power and Industries Private Limited register and restore their shares.
In response to the counter filed by Vijayamma, Saraswati Power and Director Chagari Janardhan Reddy, and the petitions filed by Sharmila seeking his removal from the petition, Jagan submitted an affidavit.
Jagan stated that they suffered losses due to the transfer of shares by obstructing her and others due to personal and political differences. He said that his efforts to resolve the row through mother Vijayamma was not successful. He made it clear that Sharmila did not invest in any company, was not a partner in its management, and did not guarantee any losses.
Jagan said that she did not face any cases registered against the companies, but in the affidavit, she is trying to snatch our shares by making mother a scapegoat. He said that under Section-59 of the Companies Act, when names are changed in the register, the tribunal has the jurisdiction to intervene if there is a valid reason.
Jagan said that the gift deed process is not complete, the share certificates have not been handed over to his mother yet, and the shares have not been transferred. He explained in the affidavit that the transfer of shares is not complete with an incomplete gift deed, and that the transfer will be valid only if it is done according to law.
