YS Jaganmohan Reddy seems to be decided on taking back the shares given to his sister out of affection. As the initial agreement no longer holds good, the gift deed is no longer valid, said Jagan’s lawyer Niranjan Reddy before NCLT.
The lawyer said that Jaganmohan Reddy wanted to give shares to his sister out of love and affection. The property is not hereditary, but Jagan’s earnings. In 2019, he entered into a MoU with his sister and mother to transfer monies to them after the court cases against his property are over.
Meanwhile, Sharmila came into politics in 2024. She joined a party that opposed Jagan. She publicly derided Jagan and this disturbed him. Though he made efforts to come to an understanding with his sister, that didn’t work out. As his father shared family property, Jagan saw no need to go ahead with the MoU after Sharmila’s entry into politics.
Sharmila put pressure on her mother and got the shares in Saraswati Powers transferred to her name by claiming that they lost the share certificate and the transfer form. The person with 51% shares was not even informed. Which is against law, argued Jagan’s counsel.
The lawyer further said that Vijayamma was just a trustee and did not have the power to transfer shares, the lawyers share. When asked for the bond copy, they said they didn’t have it, but will get it. Director Yashwant said that documents were created to show that he attended the board meeting while he did not attend it.
On the other hand, Vijayamma’s lawyer said that Jagan and Vijayamma were staying together and Jagan shared a loving relationship with his mother. Hence, it does not matter if the shares certificate is with Vijayamma or Jagan.
The bench postponed the hearing to May 30. It told the lawyers to submit any written arguments prior to that.
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