NCLT Ruling: Jagan's Share Transfer Cancellation Triumph

The NCLT has favored former Andhra Pradesh CM, YS Jagan Mohan Reddy, by nullifying the transfer of his and his wife's shares to his sister, YS Sharmila, in Saraswati Power. Amid familial discord, the decision marks a significant legal win for Jagan amidst familial tensions.

In a significant legal victory for YS Jagan Mohan Reddy, the NCLT has annulled the contested transfer of shares in Saraswati Power and Industries Pvt. Ltd., a move initially made to his sister, YS Sharmila.

Reddy, the former Andhra Pradesh Chief Minister, and his wife Bharathi sought this recourse in the Hyderabad bench of the National Company Law Tribunal, challenging the legality of the transfer influenced by familial disagreements.

The decision, which comes amid escalating tensions within the family, may face appeals, with Sharmila's counsel indicating plans to contest in higher judiciary courts. Meanwhile, Sharmila has transitioned into a political role with the Andhra Pradesh Congress.

(With inputs from agencies.)