Former Minister Andr Pradesh Ys Jaganmohan Reddy received a respiration with the Tribunal National Company Law-Hyderabad on Tuesday, who declared an illegal transfer of Saraswathi Power Company’s names to his sister Ys Sharmila.
The NCLT bench consisting of a court member of the Bharadwaj Rajiv and a technical member declared a judgment in a petition submitted by Mr. Jagan Mohan Reddy, his wife Bharathi Reddy and their company Classic Realty. They attacked the transfer of shares created in 2024 in favor of Mrs. Ys Sharmila. The bench at the open court announced that the petition filed by Mr. Jagan Mohan Reddy was allowed.
However, a copy of the judgment has not yet been recorded until the last news came. A few years ago, the authorities for enforcement of the right added all the shares of the company in the investigation of accusations of money laundering to the accused in the case of Quid for Quo recorded CBI, which concerned Mr. Jagan Mohan Reddy. Although the shares were connected by ED, the share transfer was carried out in 2024, which was questioned by a former cm. He claimed that the shares were transferred illegally.
The dispute over the transfer of shares is associated with an unregistered memorandum of understanding of the year 2021. According to this memorandum, the former cm agreed to transfer part of his assets Mrs. Sharmila. He also made a gift list in this extent. In the end, the siblings developed differences in some things, and Mrs. Ys Sharmila began to politically oppose her brother. With the support of her mother Vijayammy, she received shares converted on the basis of a memorandum.
In the end, Mr. Jagan Mohan Reddy withdrew from understanding and even canceled the gift list. His lawyers claimed that the transfer of shares, even if the investment of the Quid for Quo was perceived by the agencies to believe that he was behind him. The transfer of shares, when they were connected by investigative agencies, cannot be maintained, they said in front of the bench.
Published – 29 July 2025 21:45
