Jagan appeals to NCLT to annul transfer of his, wife's shares in company to mother

YSR Congress party president and former Andhra Pradesh chief minister YS Jagan Mohan Reddy appealed to the National Company Law Tribunal (NCLT) to annul the transfer of his shares and that of his wife YS Bharati Reddy in the Saraswati Power and Industries Pvt Ltd in the name of his mother YS Vijayalakshmi, people familiar with the matter said on Friday.

- Srinivasa Rao Apparasu

HYDERABAD:

Jagan filed an interim petition in the NCLT, Hyderabad branch, on Thursday stating that his mother already owned 12,174,207 equity shares, accounting for 48.99% in Saraswati Power and Industries. But on July 6, 2024, she had transferred the remaining 12,676,294 equity shares, which were held by Jagan and Bharati, in her name on July 6, 2024, without his consent.

He recalled that in 2021, he had executed a gift deed in favour of his mother, transferring his share and that of his wife in her mother's name with a condition that the gift deed would be implemented and executed only after the adjudication of the court cases pending against him.