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Jagan Drops Bombshell: “No Assets For Sharmila, Not Now, Not Ever”

Key Facts:

  • YSRCP chief and former AP CM Y S Jagan Mohan Reddy told NCLAT there is “no question” of transferring any assets to his sister Y S Sharmila.​

  • He said earlier MoU and share transfer agreements in favour of Sharmila were done in 2019 out of affection, but later withdrew the decision.​

  • Jagan alleged Sharmila’s political moves and personal conduct damaged his reputation, so he decided against giving her assets, including Saraswati Power Ltd shares.​

  • The NCLT had already set aside a Saraswati Power board resolution that tried to transfer shares, restoring Jagan, Bharathi, Classic Realty, and Vijayamma as original shareholders.​

  • Jagan argued Saraswati Power has no right to appeal the NCLT order, saying the company suffered no loss and cannot fight on behalf of family members.​

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In a dramatic new twist to the Y S family saga, YSR Congress party president and former Andhra Pradesh chief minister Y S Jagan Mohan Reddy has told the Chennai bench of the National Company Law Appellate Tribunal that there is absolutely no question of handing over any of his assets, including shares in Saraswati Power Limited, to his sister and current AP Congress chief Y S Sharmila. Jagan explained that back in August 2019, a Memorandum of Understanding and share transfer agreements were drawn up in Sharmila’s favour purely out of affection and with a future intention to transfer certain assets, but he later changed his mind, claiming her political actions and personal conduct had caused serious damage to his public and personal reputation. He also pointed out that even those earlier understandings were tied to one key condition: any actual transfer would happen only after all pending legal proceedings, including Enforcement Directorate-related cases and appeals over Saraswati Power’s assets, were fully resolved. According to Jagan’s submissions, Saraswati Power’s board went ahead and passed a resolution shifting shares based on letters from his mother Y S Vijayamma and Chagari Janardhan Reddy, despite Sharmila having no legally valid claim or documentation to justify such a transfer. Jagan challenged that move before the Hyderabad bench of the National Company Law Tribunal, which reportedly struck down the board’s resolution and restored the original shareholding pattern, with around 29.88% for Jagan, 16.30% for his wife Bharathi Reddy, 4.83% for Classic Realty, and 48.99% for Vijayamma. He has now questioned why Saraswati Power Limited is even appealing that order, arguing that the company did not suffer any loss, should be neutral in a family dispute, and cannot legally act as a proxy to defend what he calls an illegal board decision or to represent Vijayamma and Janardhan Reddy. Jagan also reminded the tribunal that though gift deeds were executed in favour of Vijayamma by himself, Bharathi, and Classic Realty, the company had no role in those private transactions, yet is now inexplicably trying to argue on their behalf despite remaining silent for nearly three years after the share transfer agreements. With his latest stand, Jagan has asked the appellate tribunal to vacate the stay granted on the NCLT’s order and fully restore the original shareholding structure, sending a clear message that his assets are non-negotiable and that his political break with Sharmila has now turned into a full-blown legal and financial battle.​



Do you think family assets should ever get mixed with politics like this, or should money and power stay separate? Drop your take below! 👇

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