Former Chief Minister Jaganmohan Reddy’s mother YS Vijayamma alleged that the petition was filed by her son in the National Company Law Tribunal (NCLT) due to long-standing differences and political disputes with his sister Sharmila. She reported to the Chennai National Company Law Appellate Tribunal (NCLAT) stating that she was caught up in the sibling disputes.
Vijayamma reported to the NCLAT in Chennai that the reason for Jagan’s approach to the NCLT Hyderabad bench was nothing but an attempt to resolve the political disputes between his sister Sharmila. Vijayamma stated that Jagan had filed a petition in the NCLT Hyderabad bench regarding the transfer of shares in Saraswati Power Limited and the change of the names of the shareholders in the register.
Vijayamma expressed her grief that since both are her children, she was caught up in their political disputes. Stating that gift deeds are agreements between family members and have legal precedence, Vijayamma asserted that the petition filed by Jagan is not related to a corporate dispute. She clarified that it is an attempt to tarnish their reputation by giving a corporate color to private and personal disputes and gain illegal political benefits.
Jagan, Bharathi Reddy and Classic Realty have filed a petition in the Hyderabad NCLT challenging the resolution of the Saraswati Power Board transferring shares in the names of Vijayamma and Janardhan Reddy and the change of names of members in the register accordingly. The NCLT, which heard the matter, passed a verdict on July 29, quashing the transfer of shares and restoring the names of Jagan and others.
Vijayamma has filed an appeal in the Chennai NCLAT, seeking an order to stay the execution of the Hyderabad NCLT judgment. Her lawyer M. Maharshi Vishwaraj has filed this appeal. In the appeal filed in the Chennai NCLAT, Vijayamma has clarified that she is the major shareholder in Saraswati Power.
She stated that she had 48.99 percent shares before the transfer of shares. She explained that on July 26, 2021, Jagan had given 74 lakh 26 thousand shares and Bharathi Reddy 40 lakh 50 thousand shares in her name through gift deeds. She recalled that Jagan resigned from the post of director on August 14, 2021.
Moreover, Vijayamma stated that Jagan had not challenged the gift agreements or the validity of the share purchase agreements in any civil court. In that case, Vijayamma clarified that it is not permissible to challenge them in the tribunal under the guise of a corporate entity.