YS Jaganmohan Reddy and YS Sharmila.
Hyderabad: YSR Congress Party president YS Jaganmohan Reddy and his sister and Andhra Pradesh Congress unit president YS Once again the controversy seems to deepen in Sharmila. Jaganmohan has approached the National Company Law Tribunal (NCLT), accusing Sharmila of illegally transferring shares of ‘Saraswati Power and Industries’ in the name of himself and his mother Vijayamma. Jaganmohan has claimed that Saraswati Power and Industries is owned by him and his wife Bharti.
The fight between brothers took legal form
The dispute between Jaganmohan and Sharmila has taken the form of a legal battle. The petition filed last month was heard by the NCLT bench in Hyderabad and the next hearing in the matter has been fixed for November. In the petition, the YSRCP president said that he had signed a memorandum of understanding with Sharmila in which, “out of love and affection”, he would transfer his and his wife’s shares to his estranged sister through a “gift deed.” , subject to pending cases. regarding certain properties, including seizure by the ED.
‘He has no intention of making the original will’
Jaganmohan, in a letter to his sister, said transfer of shares without fulfilling legal obligations and without court approval would have adverse effects. However, he expressed his desire to cancel the MoU, saying: “It is no secret that we no longer have good relations and, in view of this change of situation, I would like to formally inform you that I am canceling the MoU. I do not intend to continue my original expressed wish.
Jaganmohan said: Many things caused pain.
Jaganmohan said the wealth and ancestral properties acquired by his father, former Chief Minister YS Rajasekhara Reddy, were divided among family members. He said that Sharmila did many such things without concern for her brother’s well-being, which hurt him deeply and also made many false statements in public. Sharmila had joined the Congress earlier this year after differences with her brother and was appointed president of the party’s Andhra Pradesh unit. Sharmila had contested from the Kadapa seat in the Lok Sabha elections held in May, but lost. (Language)
