The NCLT Hyderabad bench on Tuesday allowed a petition filed by former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy seeking a direction to cancel the “illegal transfer” of shares held by him and his wife Bharathi in Saraswati Power and Industries in the names of his sister YS Sharmila and mother Vijayamma.
In the petition filed on September 3, 2024, Jagan had sought the National Company Law Tribunal (NCLT) to cancel, annul and nullify the transfer of shares held by him and Bharathi in the company and sought reinstating their names in Saraswati Power and Industries Pvt. Ltd.
“Jagan Mohan Reddy’s petition has been allowed. We are waiting for the order copy. There are some directions also. The petition filed by Jagan Mohan Reddy contending that the transfer of shares in Saraswati Power has been allowed,” the YSRCP chief’s counsel Y Suryanarayana told PTI.
When contacted, K Devi Prasanna Kumar, Sharmila’s advocate said they will file an appeal against the order either in Appellate Tribunal or High Court.
Jagan, Bharati and Vijayamma hold about 74.26 lakh (29.88 per cent), 41 lakh ( 16.30 per cent) and 1.22 crore shares (48.99 per cent), respectively, in Saraswati Power, while the rest is with Classic Realty Pvt. Ltd.
The former CM had moved the tribunal on the issue after his relations with Sharmila strained. She is presently the chief of the Andhra Pradesh Congress unit.
