“NCLT Sets Hearing For Jagan’s Petition on Dec 13, Sharmila Ordered To Respond

Thursday, November 21, 2024

The dispute began as a significant asset fight with Jagan and his sister Sharmila at the National Company Law Tribunal (NCLT), affecting their family and political dynamics at large. Their different political paths were the first sign of conflict, but this disagreement has expanded into differences over inherited and personal assets.

The latest controversy centers around the sale of shares in Saraswati Power, a company whose assets had been attached by the Enforcement Directorate (ED). After Sharmila’s sale of these shares, Jagan filed a petition with the NCLT, accusing her of violating their 2019 agreement and unlawfully transferring the shares. Jagan claims the transfer occurred without following proper legal procedures, and he has requested the cancellation of the transactions.

In his petition, Jagan clarified that, aside from the inherited assets, he had personally gifted Sharmila ₹200 crore from his own wealth. He also accused her of breaching his bail conditions by selling the shares, which, according to him, resulted in financial harm. However, Sharmila maintains that the money Jagan gave her was rightfully hers and denied any involvement in transferring their father’s assets. Their mother, Vijayamma, has also confirmed Sharmila’s claims.

The dispute has stirred political conversations, with leaked letters shedding light on the tension between the siblings. Opposition parties have seized on these revelations, accusing the family of deep-seated conflict. Jagan, however, downplayed the situation, remarking that such family disagreements are common and should not be sensationalized.

The NCLT has accepted the petition and issued key directives to Sharmila, instructing her to file a counter-response by the next hearing date. Vijayamma has expressed confidence that the dispute will be resolved between Jagan and Sharmila, with the NCLT now scheduled to hear the case again on December 13.

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