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Family rift widens as Jagan accuses Sharmila of transferring shares illegally
The Morning Standard
|October 24, 2024
YSRC chief YS Jagan Mohan Reddy has moved the National Company Law Tribunal (NCLT), accusing his sister and AP Congress president YS Sharmila of illegally transferring shares of Saraswati Power and Industries - held by him and his wife Bharathi Reddy - on her and their mother Vijayamma's names.
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The petition, filed last month in the Hyderabad Bench of the National Company Law Tribunal, sought rectification in the company's register of members. Jagan and Bharathi alleged that multiple share transfers were conducted in July 2024 without proper legal procedures, such as utilizing transfer forms and original certificates, which violates Section 56 of the NCLT Act. They requested the NCLT to annul the transfer of shares. The matter was taken up and posted to November for further hearing.
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