Jagan Vs Sharmila: Sibling Feud Escalates As YSRCP Chief Moves Tribunal Over Share Transfers
The former Chief Minister Jagan Reddy argued that Sharmila’s alleged actions have created irreparable damage to their relationship, concluding, "there is no love left between the two siblings."
Former Andhra Pradesh Chief Minister and YSRCP chief Y.S. Jagan Mohan Reddy has taken a legal stand against his sister and AP Congress president Y.S. Sharmila, accusing her of unlawfully transferring shares of Saraswati Power and Industries. The feud between the two siblings has intensified with Jagan filing a petition at the National Company Law Tribunal (NCLT), Hyderabad Bench, which has now taken up the case and scheduled further hearings for November.
In his petition, Jagan alleged that Sharmila had without consent transferred shares belonging to him and his wife, Y.S. Bharathi, into the names of Sharmila and their mother, Y.S. Vijayamma, as per a report on PTI. He claimed that the move violated an earlier understanding as the share transfers were supposed to be contingent on pending legal clearances.
The dispute traces back to a Memorandum of Understanding (MoU) signed between Jagan and Sharmila on August 31, 2019. According to the agreement, Jagan intended to gift his and Bharathi's shares in Saraswati Power and Industries to Sharmila, expressing that the decision was driven purely by “love and affection” and without financial consideration. However, Jagan stipulated that the transfer could only take place after resolving ongoing cases and obtaining the necessary legal approvals.
In a letter addressed to Sharmila, Jagan expressed that recent developments had drastically altered their relationship. "It is no secret that we are no longer on the best of terms," he wrote. Citing the deteriorated bond, he formally informed his sister of his decision to withdraw his initial intent to transfer the shares, effectively revoking the MoU.
The petition also mentions that properties acquired by their father, the late Y.S. Rajasekhar Reddy, and ancestral assets were divided among family members. Jagan stated that in addition to transferring his own shares, he had provided Sharmila with financial support totaling Rs 200 crore over the past decade, either directly or through their mother.
Jagan's filing at the NCLT claims that despite these arrangements, the company's board passed a resolution unilaterally transferring his and Bharathi’s shares to Sharmila, and Classic Realty’s shares to Vijayamma. The petition emphasises that these actions were unauthorized and disregarded the agreed-upon conditions.
The former Chief Minister argued that Sharmila’s alleged actions have created irreparable damage to their relationship, concluding, "there is no love left between the two siblings." With the trust eroded, Jagan asserted that he no longer wishes to honor the original MoU or the subsequent gift deed.
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