YS Jagan Files Petition Against Sharmila and Vijayamma Over Saraswati Power Shares Dispute
23 Oct 2024 6:31 AM GMT
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy.
In a growing family rift, former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and his wife YS Bharati have filed a petition in the National Company Law Tribunal (NCLT) against YS Sharmila, and YS Vijayamma. The dispute centers around the allocation of shares in Saraswati Power and Industries Private Limited.
The petition also names Janardhana Reddy Chagari, Yaswanthreddy Kethireddy, and other respondents, including the Registrar of Companies in Telangana and the Regional Director of South East Region.
The case, which was listed in the NCLT on September 10, was filed under Section 59 of the Companies Act, which deals with the rectification of the register of members. According to this provision, if the name of a person is entered into the register of members of a company without sufficient cause, or omitted from it, the aggrieved party may file an appeal for rectification.
Jagan and Bharati argue in their petition that they played a significant role in the growth of Saraswati Power and Industries. They claim that they signed a Memorandum of Understanding (MoU) on August 21, 2019, to allocate shares to Sharmila. However, the share allocation was never finalized, leading to the current dispute.
According to PNS report, the petition reflects deepening tensions within the YS family. Jagan has stated in his plea that he originally intended to allocate shares to Sharmila as an expression of 'sisterly affection,' but he withdrew the offer due to her recent political opposition to him. This conflict marks a notable shift in their familial relationship, which has been strained by political differences.
Jagan also filed four interlocutory applications on the case.
The NCLT has issued notices to all respondents and scheduled the next hearing for November 8, 2024.
( Source : Deccan Chronicle )
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