YSR's Family fell apart completely and the rift is wide open to the Public now. YS Jagan Mohan Reddy and his wife YS Bharathi approached the National Company Law Tribunal (NCLT), Hyderabad to cancel his Gift Deed that transferred some shares of Saraswati Power Company to his sister Sharmila and mother Vijaya Lakshmi.
In his submission, Jagan stated, "YS Sharmila, without gratitude and without regard to the well-being of me, conducted a series of actions that have deeply hurt me. These actions, coupled with untrue and false statements made publicly, have been politically opposed to me and have caused deep personal disrepute."
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Jagan further added in the petition, "The relationship between them has strained to such an extent that all love and affection between the siblings melted down. Her uncharitable aspersions, made at a personal level, are politically motivated and have agonized Jagan immensely."
The former Chief Minister also highlighted that his intention to transfer certain properties and shares to Sharmila was based purely on love and affection. However, due to the recent events, Jagan stated, "There is no love left between the two siblings, and I decided not to proceed with the transfer of shares or properties."
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Until this part, everything is clear. Jagan wants to deny shares to Sharmila because of their feud.
But there is something unexplained in the petition.
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He calls the share transfers on carried out through a Board resolution dated July 6, 2024 were illegal. He asked the NCLT to rectify the company's register, reinstate their names as shareholders, and correct the other respondents' shareholding details.
Jagan and Bharati have also requested the NCLT to cancel and nullify the transfers of 74,26,294 equity shares from Jagan to Vijayamma, 40,50,000 shares from Bharati to Vijayamma, and 12,00,000 shares from another petitioner to respondents 3 and 4.
What happened on July 6th, 2024? Did multiple Share-holders transfer the shares to Sharmila making her the major shareholder? Did that move cause panic and threaten Jagan's existence in Saraswati Power?
To counter it, Jagan maybe trying to cancel the shares that were gifted to Sharmila and Vijaya Lakshmi in the first place.

