Hyderabad:
A feud over property between former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and his sister YS Sharmila has was a high-profile authorized battle. Mr Reddy had written to the Nationwide Firm Legislation Tribunal or NCLT, looking for to nullify her “unlawful’ switch of shares in Saraswati Energy and Industries Non-public Restricted to herself and their mom YS Vijayalakshmi. He additionally wrote to her, accusing her of deceit and declaring that he has no intention of honouring a Memorandum of Understanding they’d entered. After the contents of his letter turned identified, her written response to him has additionally gone public.
Whereas Mr Reddy had stated there was no extra affection between the 2, Sharmila has accused him of not distributing property equally between the 4 grandchildren of YS Rajasekhar Reddy, as desired by him.
On September 10, Mr Reddy and his spouse Bharathi Reddy had petitioned NCLT, asking the corporate to reinstate them as shareholders with the identical fairness shares as earlier than the transfers have been made by Sharmila.
After a public falling out along with her brother, YS Sharmila had floated her personal social gathering in 2021.
The YSR Telangana social gathering, nevertheless, was merged with the Congress forward of the 2024 elections. YS Sharmila was made the chief of Andhra Pradesh Congress, and she or he has sharply attacked Mr Reddy, who was Chief Minister on the time. She had additionally contested and misplaced from the Kadapa Lok Sabha constituency towards her cousin Avinash in the course of the elections in Could.
Within the petition, Mr Reddy and his spouse alleged that share transfers to Sharmila and Vijayamma have been carried out by a Board decision in July 2024 with out following correct authorized process.
The petition additionally stated Mr Reddy had entered right into a Memorandum of Understanding (MoU) with Sharmila in August 2019 to switch sure properties and shares “out of affection and affection” however this switch was by no means executed. In view of the rivalry between the siblings, Mr Reddy had modified his thoughts.
The latest share transfers have been made in violation of this MoU and have been the fruits of a “deceitful deviance of legislation”. Mr Reddy argued that the switch of shares was “invalid, unlawful, void, and illegal”.
The NCLT has issued notices to all respondents and scheduled the following listening to for November 8.
Mr Reddy had additionally written to his sister on August 27, declaring that together with the ancestral property inherited from their father YS Rajasekhara Reddy, he had additionally constructed his personal companies.
“Out of the sheer love and affection, I at all times bore in direction of you as my sister, I had additionally expressed my intention that, unrelated to any consideration and purely out of affection and affection, I meant to impact switch of sure properties to you at a future level of time. This was along with the quantity of roughly Rs.200 crores already given to you instantly or by our mom over the past decade or so. This too was given by me out of my sheer love and affection for you,” he wrote.
However regardless of his affection, Sharmila made a number of false statements publicly which induced private disrepute, he wrote. “In view of this and different actions undertaken by you, it makes me surprise why there needs to be any love and affection or fondness in direction of you”.
Responding to the letter on September 12, Sharmila wrote that Mr Reddy was not appearing in accordance of the desire of their late father to distribute the property equally amongst all 4 of his grandchildren.
“Our father was unequivocal in his directions that every one 4 of his grandchildren are to share equally in all property that existed throughout his lifetime, whether or not they pertain to Bharathi Cements, Sakshi, or every other ventures initiated previous to his passing.”
Contending that the switch of shares was a part of the property sharing “settlement,” she added, “Because you had the higher hand, you probably did bulldoze your approach and we agreed to a settlement as acknowledged within the MOU. Since you’re my elder brother and within the curiosity of resolving household disputes, I agreed to surrender my equal share. Thus, underneath the MoU executed on 31.08.2019, only some properties have been assigned to me.”
“You’ve gotten now chosen to file circumstances towards your personal mom and deprive your personal sister and her youngsters of properties to which they’re entitled underneath the MoU. I’m appalled on the extent to which you could have strayed from the trail of our noble father,” she wrote.
She additionally criticised Mr Reddy’s intervention in her political profession, claiming it was “absurd” of him to recommend that she signal a clause that binds her from talking towards him or their cousin Avinash from public platforms.