In huge relief to Jagan, NCLT (National Company Law Tribunal), has given a judgement asking to stay the transfer of shares to YS Sharmila and YS Vijayamma. The Court heard Jagan’s plea regarding the transfer of his shares by Sharmila and Vijayamma in Saraswati Power and Industries case.
The Court stood by Jagan in the matter. It ruled that the Jagan’s shares transferred into the name of Sharmila and Vijayamma must be stalled.
However, Sharmila and Vijayamma can now approach the High Court regarding the matter. In the past, Sharmila and Vijayamma had filed a case with NCLT that Jagan and his wife were not giving shares in Saraswati Power to them.
Jagan’s lawyer had argued that the shares were transferred fraudulently before the ‘gift’ process was completed. The shares can be transferred following relevant documentation and submission of forms. But no such procedures were followed, argued Jagan’s lawyer.
The Tribunal agreed that as the ED and CBI cases were still ongoing, no share transfer can happen at this time.
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