Vijayamma and Sharmila Seek More Time; NCLT Adjourns Jagan’s Petition
The National Company Law Tribunal (NCLT) has adjourned the hearing of YSR Congress Party chief YS Jagan Mohan Reddy’s petition against his mother YS Vijayamma and sister YS Sharmila regarding the transfer of shares in Saraswati Power Industries. The tribunal, which took up the case today, postponed the hearing to March 6 after Vijayamma and Sharmila’s legal counsel requested additional time to file their counter.
According to Jagan Mohan Reddy’s petition, he holds a 51.01% stake in Saraswati Power Industries. He stated that on August 31, 2019, an agreement was made for the future transfer of shares to YS Sharmila. However, he alleged that the shares were transferred without his knowledge, without the necessary transfer forms, documents, or signatures. Jagan Mohan Reddy claimed that this transfer violated company law and requested the tribunal to annul the transaction, ensuring that the 51.01% stake remains under his ownership.
The case was initially filed by Jagan Mohan Reddy in the NCLT, Hyderabad, last year.
According to Jagan Mohan Reddy’s petition, he holds a 51.01% stake in Saraswati Power Industries. He stated that on August 31, 2019, an agreement was made for the future transfer of shares to YS Sharmila. However, he alleged that the shares were transferred without his knowledge, without the necessary transfer forms, documents, or signatures. Jagan Mohan Reddy claimed that this transfer violated company law and requested the tribunal to annul the transaction, ensuring that the 51.01% stake remains under his ownership.
The case was initially filed by Jagan Mohan Reddy in the NCLT, Hyderabad, last year.