YS. Vijayalakshmi has asserted that Saraswati Power belongs to her. In an affidavit filed in the NCLT she said that YS Jaganmohan Reddy and Bharathi have no authority over Saraswati Power, that they do not actually have any shares in it, that everything has been transferred in her name, and that they have no right to file a petition.
Vijayamma, who is the respondent in the petition filed by Jagan and Bharathi Reddy, has filed a counter-filing, seeking to stop the transfer of shares in Saraswati Power Corporation Limited. Vijayamma deplored that her son Jagan and daughter-in-law Bharathi Reddy are unnecessarily dragging her into the share transfer dispute, even though Sharmila has no connection with Saraswati Limited or the gift deed.
Vijayamma has informed the NCLT Hyderabad bench that bringing the property disputes between Jagan and Sharmila here is misleading the tribunal. She alleged that the petition was filed due to political and personal disputes between Jagan and Sharmila. She said that according to the law, Section 59 regarding corporate and shareholder rights cannot be used for personal gain.
She expressed her grief that she was brought before the court due to the property disputes between Jagan and Sharmila. Vijayamma stated in her affidavit that no mother should face such a helpless situation and that it is not right for Jagan and Bharathi to bring such a situation and cause her grief.
According to the gift deed, she asserted that all the shares she received were given to her as per the law. She clarified that it is false to say that Sharmila gave it for her future benefits. She said that Jagan and Bharathi are lying. Currently, Jagan and Bharathi do not have any shares and that she owns a total of 99.75 percent of the shares.
Jagan has filed a petition in the NCLT, saying that he wrote Saraswati Power to Sharmila out of love, but now he has no love for her, so he wants her to give him her company. He wants the shares to be transferred in his mother’s name based on an MOU in the family.
However, Jagan has alleged that his mother’s shares were transferred unofficially. But Vijayamma says they are bringing an unrelated MOU to the fore. The way Jagan is treating his mother and sister in this case is becoming a topic of discussion among the people.