YSR Congress Party (YSRCP) president and former chief minister of Andhra Pradesh Y S Jagan Mohan Reddy moved National Company Law Tribunal (NCLT) alleging that his mother YS Vijayamma and Sister Y S Sharmila illegally transferred shares held by himself and his Wife Y S Bharathi in Saraswati Power and Industries.
Reddy, in his petition which has been posted by NCLT Hyderabad Bench for hearing next month, mentioned a MoU entered into his sister “out of love and affection’‘ earlier to transfer his and his wife’s shares of Saraswati Power and Industries through a gift deed subject to pending cases in respect of some properties, including attachments by the Enforcement Directorate.
Citing a letter to his sister, he contended that the said shares were `illegally transferred’ without fulfilling the legal obligations and clearance from court and also desired to revoke the MoU as both of them “are no longer on the best of terms, and in view of this changed situation, I wanted to formally intimate you and put you on notice that I have no further intent to act upon my original intent as expressed in the MoU.”
It may be noted that Reddy and his sister Sharmila have been estranged as the latter opposed him openly in the general elections held early this year by setting up her own party which was later merged with the Congress in Andhra Pradesh.