YSRCP chief YS Jagan Mohan Reddy told National Company Law Tribunal (NCLT) Bench that his sister YS Sharmila was using their mother Vijayamma to get her way.
He said while he can understand his mother’s angst, Sharmila was moving the pawns from behind alleged Jagan. That’s the reason behind his filing a petition, he told the Tribunal Bench.
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It is known that Jagan, Bharati and Classic Realty had filed a petition asking for changes in stakeholders names and revoking their shares.
Jagan filed an affidavit countering the petition filed by Vijayamma, counters by one of the directors Chagari Janardhan Reddy and another petition by Sharmila asking for her name to be removed from the petition.
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Jagan said that efforts to settle the matters did not frutify as Sharmila was playing the game putting their mother in the forefront. The shifting of shares has resulted in losses to us. The issue is in High Court and our efforts to sort out the matter did not succeed, said Jagan.
Sharmila is not part of any company, she didn’t invest in any company nor did she share losses in any company. Still, she is trying to take away the shares through our mother, Jagan told the Tribunal Bench.
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The other party was trying to convert the issue into a family matter, Jagan expressed his anguish.
It was Sharmila’s conspiracy to get her name removed from the petition. He said his mother was supporting wrong diversion of shares by showing the gift deed.
But Jagan clarified that the gift deed did not count as the shares weren’t given as per law. He said the deed will be valid only if the legal process is complete.
He said he filed a petition with NCLT as per High Court guidelines. The shares were kept with their mother till all the legal cases were cleared. But their mother got carried away by Sharmila and was misleading the Tribunal, Jagan said.
We had a MoU regarding this. It has been clearly mentioned that any shares will be given once the cases are cleared, Jagan said. He went on to say that the MoU was no longer valid and this was divulged to the Tribunal already.
We never said Sharmila had any role in the Company. She is not talking about the MoU. She is expecting benefits through our mother and she is asking for her name to be removed from the petition. But Sharmila is part of the petition. She is associated with the case. Asking for her name to be removed is not correct, said Jagan.
The NCLT has postponed the hearing to April 3 of Jagan, Bharati and Classic Realty’s petition regarding the alteration of shareholders names and reviving their share. A Bench headed by Rajiv Bharadwaj and Sanjay Puri heard the case.
