Brother vs Sister As Jagan Reddy, Sharmila Fight Over Hundreds Of Crores

The bitter rift between former Andhra Pradesh chief minister Jagan Mohan Reddy and YS Sharmila took a turn for the worse after he moved the National Company Law Tribunal (NCLT) against his sister and mother YS Vijaya Rajasekhara Reddy over transfer of shares in a family-owned firm.

The petition filed by Jagan Mohan Reddy and his wife YS Bharathi Reddy accused Sharmila, Vijayamma and two others of illegally transferring shares of Saraswati Power and Industries Private Limited in July 2024 and violating a Memorandum of Understanding (MoU) signed between them in August 2019.

Calling it a ‘deceitful deviance of law’, they alleged that shares were unlawfully transferred through a mere Board resolution on July 6, 2024, without submitting original share certificates or duly executed share transfer forms as prescribed under Section 56 of the Companies Act, 2013.