A feud over property between former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and his sister YS Sharmila has turned into a high-profile legal battle. Jagan had written to the National Company Law Tribunal or NCLT, seeking to nullify her “illegal’ transfer of shares in Saraswati Power and Industries Private Limited to herself and their mother YS Vijayalakshmi.
He also wrote to her, accusing her of deceit and declaring that he has no intention of honouring a Memorandum of Understanding they had entered. After the contents of his letter became known, her written response to him has also gone public.
While Mr Reddy had said there was no more affection between the two,Sharmila has accused him of not distributing assets equally between the four grandchildren of YS Rajasekhar Reddy, as desired by him.
On September 10, Mr Reddy and his wife Bharathi Reddy had petitioned NCLT, asking the company to reinstate them as shareholders with the same equity shares as before the transfers were made by Sharmila.
