Family Ties Strained: Share Dispute Among Andhra Politicians

A National Company Law Tribunal in Hyderabad has ruled in favor of former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy to cancel an "illegal transfer" of shares from him and his wife to his mother and sister. The transfer was never legally finalized, leading to this legal dispute.

The National Company Law Tribunal's Hyderabad bench has made a crucial decision in a family dispute involving former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy. The tribunal's order granted Reddy's petition to annul an 'illegal transfer' of shares in Saraswati Power and Industries Pvt Ltd to his mother and sister.

The bench, consisting of judicial member Rajiv Bharadwaj and technical member Sanjay Puri, instructed Saraswati Power to correct its member register. The names of Jagan, his wife Bharati, and their mother Vijayamma should once again reflect as shareholders, notifying the Registrar of Companies accordingly.

Jagan had initially pledged to gift shares to his sister Sharmila out of familial affection. However, the transfer faltered legally due to the non-delivery of original share certificates, an essential step for ownership change. Eventually, as tensions rose, Jagan sought to retract his pledge.

(With inputs from agencies.)