'YSR didn't divide assets...': Jagan Reddy's mother amid property feud
YS Vijayamma, the widow of former Andhra Pradesh Chief Minister YS Rajasekhara Reddy, has broken her silence on the ongoing property dispute between her children. In an open letter, she clarified the family assets weren't divided during her husband's lifetime and remain part of a joint family. She also expressed confidence that her children—YS Jagan Mohan Reddy and YS Sharmila—would resolve this matter privately.
Vijayamma accuses YSRCP leaders of spreading false narratives
Vijayamma also accused YSR Congress Party (YSRCP) leaders Vijaysai Reddy and VY Subba Reddy of peddling false narratives about the dispute. The controversy intensified after Jagan Reddy filed a plea against Sharmila and Vijayamma at the National Company Law Tribunal (NCLT) over a share dispute in Saraswati Power and Industries Private Limited. In his plea, he alleged he initially intended to allocate shares to Sharmila "out of love and affection," but withdrew the offer due to her political opposition.
Sharmila refutes allegations
Sharmila contested Jagan Reddy's allegations, asserting that she was targeted for entering politics. She emphasized her involvement was for "family respect and YSR's reputation." In a letter, Sharmila clarified that the businesses were family enterprises established by their father. She stated it was her father's wish for an equal division of assets among his four grandchildren and refuted claims of seeking Jagan Reddy's personal property, describing the assets as "family properties, not individual holdings."
Jagan Reddy's plea seeks rectification of register
Jagan Reddy's plea under Section 59 of the Companies Act seeks rectification of the register of members. It claims Sharmila and Vijayamma were instrumental in Saraswati Power's growth. An agreement to transfer shares to Sharmila in 2019 was signed but never completed due to legal attachments by the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI). The agreement stated transfers would happen only after legal issues are resolved.
NCLT case listed for hearing on November 8
Despite this stipulation, Jagan's plea alleges Sharmila transferred shares from Vijayamma's name as per the agreement. The NCLT case was listed on September 10 and is set to be heard on November 8. This legal battle over family assets has garnered much attention owing to its high-profile nature and the involvement of prominent political figures in Andhra Pradesh.
