Article Today, Hyderabad:
Former Andhra Pradesh Chief Minister Y.S.Jagan Mohan Reddy has filed a petition before the National Company Law Appellate Tribunal in Chennai in connection with a property and shareholding dispute involving his sister, Y.S. Sharmila. The petition challenges earlier decisions related to the transfer of shares in certain companies, including Saraswati Power Limited.
Claim of Sole Ownership
In his submission, Mr. Jagan has stated that the assets in question were acquired through his own earnings. He has asserted that Ms. Sharmila does not have a legally enforceable right over these properties. He has sought the cancellation of agreements and resolutions that facilitated the transfer of shares to her.
Background of Transfers
The dispute relates to arrangements made in August 2019, when decisions were taken to transfer shares in select companies. Mr. Jagan has contended that these steps were conditional and linked to the outcome of ongoing legal proceedings at the time. He has argued that subsequent developments warrant a reversal of those transfers.
Board Resolutions Contested
Mr. Jagan has also referred to earlier board resolutions that enabled changes in shareholding based on communications from family members. He has maintained that such resolutions were unilateral and were later challenged by him through legal channels.
Political Context
Meanwhile, the dispute has drawn attention due to the evolving political positions of the siblings. Ms. Sharmila is currently active in politics independently. Observers note that the legal contest has unfolded alongside these political developments, though both aspects remain formally separate.
Reactions from Parties
The move has triggered responses from political rivals and supporters of Ms. Sharmila, who have questioned the legal and ethical basis of the petition. They argue that succession and inheritance laws provide equal rights to legal heirs. However, Mr. Jagan’s legal team maintains that the matter concerns corporate ownership and contractual obligations.
Awaiting Tribunal Decision
The tribunal is expected to examine the validity of the contested agreements and board decisions. The outcome is likely to have implications for both the corporate entities involved and the ongoing family dispute. Further hearings are awaited.
