The Court stood by Jagan in the matter. It ruled that the Jagan's shares transferred into the name of Sharmila and Vijayamma must be stalled.
However, Sharmila and Vijayamma can now approach the High Court regarding the matter. In the past, Sharmila and Vijayamma had filed a case with NCLT that Jagan and his wife were not giving shares in Saraswati Power to them.
Jagan's lawyer had argued that the shares were transferred fraudulently before the 'gift' process was completed. The shares can be transferred following relevant documentation and submission of forms. But no such procedures were followed, argued Jagan's lawyer.
Vizag: South Coast Railway Zone Just a Dream?
The Tribunal agreed that as the ED and CBI cases were still ongoing, no share transfer can happen at this time.
Sridhar RaaviSridhar is a highly experienced hand in Telugu politics, writing and analyzing political happenings in Andhra Pradesh and Telangana. An IT engineer turned news junkie, Sridhar has a sharp eye for catching news as it unfo…