The ongoing property dispute within the YS family has escalated into a political confrontation between Andhra Pradesh Chief Minister Jagan Mohan Reddy and his sister, Sharmila. The matter, now in the tribunal, centers around the distribution of assets inherited from their late father, YS Rajasekhara Reddy.
The YSR Congress Party (YSRCP) has stepped into the fray, asserting that Jagan has not only disclosed the inherited assets but has also detailed properties he allocated to Sharmila from his personal holdings. This controversy emerged following Sharmila’s alterations concerning assets currently under the Enforcement Directorate’s (ED) attachment.
YSRCP leader Perni Nani addressed the media, clarifying the origins of the dispute. He noted that before his untimely demise, YS Rajasekhara Reddy had transferred several assets to his children. Among these, Sharmila received a 280-square-yard plot on Road Number 2 in Banjara Hills and 51 acres in Idupulapaya.
Nani elaborated on Sharmila’s investments, which include a 15-megawatt hydro power project in Sandur, licenses for small hydro projects, and a stake in the 22.5-megawatt Swathi Hydro Power Project. He also mentioned her 35% ownership in the Vijayawada Raj and Yuvraj theaters, along with 7.6 acres of land in Pulivendula. Additionally, Sharmila holds a complete stake in Vijayalakshmi Minerals Trading Company. Nani emphasized that Jagan also has significant investments in Bharathi Cements, Saraswati Power and Industries, and various media ventures, noting that in 2019, Jagan transferred portions of his assets to Sharmila as a gesture of goodwill.
Perni Nani further revealed that Jagan had signed an agreement regarding the allocation of shares from the ED-affected assets to both his mother and sister. According to Nani, this agreement includes a commitment from Jagan to provide a 40% stake in Bharti Cements, another 40% stake in a media company, and a full stake in Saraswati Power and Industries. He reassured that Jagan intends to honor this agreement after the ED investigation concludes. However, tensions rose when Sharmila alleged that the share certificates had been misplaced, leading her to transfer new shares to Vijayalakshmi’s name and change the directors, which has sparked the current legal turmoil.
This family dispute, deeply rooted in political dynamics, highlights the complexities surrounding asset distribution in influential families and raises questions about governance and accountability in Andhra Pradesh.