Society Spat, Prison Struggle Between Jagan Reddy, Sister Over Detail

Hyderabad:

A feud over constituent between former Andhra Pradesh Important Minister YS Jagan Mohan Reddy and his sister YS Sharmila has become a high-profile felony combat. Mr Reddy had written to the Nationwide Corporate Regulation Tribunal or NCLT, looking for to nullify her “illegal’ transfer of shares in Saraswati Power and Industries Private Limited to herself and their mother YS Vijayalakshmi. He also wrote to her, accusing her of deceit and declaring that he has no intention of honouring a Memorandum of Understanding they had entered. After the contents of his letter became known, her written response to him has also gone public.

While Mr Reddy had said there was no more affection between the two, Sharmila has accused him of not distributing assets equally between the four grandchildren of YS Rajasekhar Reddy, as desired by him.

On September 10, Mr Reddy and his wife Bharathi Reddy had petitioned NCLT, asking the company to reinstate them as shareholders with the same equity shares as before the transfers were made by Sharmila. 

After a public falling out with her brother, YS Sharmila had floated her own party in 2021. 

The YSR Telangana party, however, was merged with the Congress ahead of the 2024 elections. YS Sharmila was made the chief of Andhra Pradesh Congress, and she has sharply attacked Mr Reddy, who was Chief Minister at the time. She had also contested and lost from the Kadapa Lok Sabha constituency against her cousin Avinash during the elections in May.

In the petition, Mr Reddy and his wife alleged that share transfers to Sharmila and Vijayamma were carried out through a Board resolution in July 2024 without following proper legal procedure. 

The petition also said Mr Reddy had entered into a Memorandum of Understanding (MoU) with Sharmila in August 2019 to transfer certain properties and shares “out of affection and affection” but this transfer was never executed. In view of the rivalry between the siblings, Mr Reddy had changed his mind.

The recent share transfers were made in violation of this MoU and were the culmination of a “deceitful deviance of regulation”. Mr Reddy argued that the transfer of shares was “inexact, unlawful, void, and illegal”.

The NCLT has issued notices to all respondents and scheduled the next hearing for November 8.

Mr Reddy had also written to his sister on August 27, pointing out that along with the ancestral property inherited from their father YS Rajasekhara Reddy, he had also built his own businesses.

“Out of the sheer love and affection, I all the time bore in opposition to you as my sister, I had additionally expressed my aim that, unrelated to any attention and purely out of affection and affection, I supposed make happen switch of positive houses to you at a moment level of past. This used to be along with the quantity of roughly Rs.200 crores already given to you at once or via our mom over the closing decade or so. This too used to be given through me out of my sheer love and affection for you,” he wrote.

But despite his affection, Sharmila made several false statements publicly which caused personal disrepute, he wrote. “In view of this and alternative movements undertaken through you, it makes me surprise why there must be any love and affection or passion in opposition to you”.

Responding to the letter on September 12, Sharmila wrote that Mr Reddy was not acting in accordance of the will of their late father to distribute the property equally among all four of his grandchildren. 

“Our father used to be unequivocal in his directions that every one 4 of his grandchildren are to proportion similarly in all belongings that existed right through his lifetime, whether or not they pertain to Bharathi Cements, Sakshi, or any alternative ventures initiated previous to his passing.”

Contending that the transfer of shares was part of the property sharing “agreement,” she added, “Because you had the higher hand, you probably did bulldoze your means and we assuredly to a agreement as mentioned within the MOU. Because you are my elder brother and within the hobby of resolving community disputes, I assuredly to surrender my equivalent proportion. Thus, below the MoU accomplished on 31.08.2019, only some houses have been assigned to me.”

“You’ve gotten now selected to report circumstances in opposition to your individual mom and deprive your individual sister and her kids of houses to which they’re entitled below the MoU. I’m appalled on the extent to which you will have strayed from the trail of our noble father,” she wrote.

She also criticised Mr Reddy’s intervention in her political career, claiming it was “absurd” of him to signify that she signal a clause that binds her from talking in opposition to him or their cousin Avinash from society platforms.