YSR Congress Party (YSRCP) MP Y.V. Subba Reddy has shed light on the legal troubles faced by Y.S. Jagan Mohan Reddy, revealing that he had to approach the National Company Law Tribunal (NCLT) after his sister, Sharmila, allegedly transferred shares of Saraswati Cements into their mother, Vijayamma’s name without the family’s knowledge. This controversial transfer took place while the shares were under the Enforcement Directorate’s (ED) attachment and amid ongoing legal proceedings in the High Court.
Subba Reddy attributed Jagan’s incarceration to the actions of the Congress party and indicated that Sharmila’s involvement was part of a conspiracy orchestrated by the Telugu Desam Party (TDP). He emphasized that Jagan’s decision to file a case in the NCLT was a protective measure in light of these challenging circumstances. Additionally, he refuted claims made by some media outlets, asserting that there is no intention to involve his mother or sister in the ongoing legal battles.
The MP further explained that the agreement concerning the assets, which Jagan wished to give to his sister out of love and respect, was formulated a decade after the passing of Y.S. Rajasekhara Reddy. He questioned the necessity of such an agreement after so long if genuine familial feelings were absent. According to Subba Reddy, the assets mentioned in the agreement represent Jagan’s hard-earned wealth, and Sharmila signed the document only after a thorough review. He also pointed out that during his lifetime, Y.S. Rajasekhara Reddy had already designated certain assets to both Jagan and Sharmila.
Subba Reddy raised concerns about Sharmila’s motives behind her recent comments in the media regarding the assets she claims, citing her prior agreement with Jagan. He criticized her for seeking to transfer the assets without addressing the legal ramifications. Notably, he highlighted that Sharmila had no involvement in the development of these assets in the decade following their father’s death.
In a pointed inquiry, Subba Reddy questioned why the ED and CBI had only pursued cases against Jagan and not against Sharmila if she truly believed she had a legitimate claim to the assets.
Moreover, Subba Reddy clarified the matter of dividends, stating that they are typically distributed only to shareholders in companies. He noted that Jagan had transferred dividends received as a director to Sharmila. he pointed out that neither Sharmila nor her husband held director positions in any companies during Y.S. Rajasekhara Reddy’s lifetime. He emphasized that had Jagan intended to include Sharmila as a director in the companies established during their father’s life, he would have willingly shared his stake with her.
In conclusion, Subba Reddy stated that there was no reason for Jagan to be dishonest regarding these issues, reinforcing the integrity of the family’s dealings amidst the unfolding legal drama.
