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The political landscape of Andhra Pradesh is witnessing a bitter family feud unfold in the public eye, with former Chief Minister YS Jagan Mohan Reddy locked in a legal battle with his sister, YS Sharmila, over property and shares. This public spat has shed light on a strained family dynamic that has been further exacerbated by the ongoing political rivalry between the two siblings.
The core of the dispute lies in a company named Saraswati Power and Industries Private Limited, where Mr. Reddy claims his sister illegally transferred shares to herself and their mother, YS Vijayalakshmi. This accusation has been publicly countered by Sharmila, who maintains that the share transfer was part of a previously agreed upon property settlement, a settlement that was ultimately intended to uphold the wishes of their deceased father, YS Rajasekhara Reddy. She alleges that her brother is attempting to deprive her and her children of their rightful share of the family assets, specifically mentioning holdings in companies like Bharathi Cements and Sakshi.
Mr. Reddy, however, paints a different narrative. He claims that the share transfer was a violation of a Memorandum of Understanding (MoU) signed between him and Sharmila in 2019, an MoU he maintains was based on his 'love and affection' for his sister. This affection, however, has allegedly waned due to Sharmila's public criticisms of him and their cousin, Avinash. The alleged deceit and subsequent breach of trust, according to Mr. Reddy, led him to seek the intervention of the National Company Law Tribunal (NCLT) to overturn the share transfer.
Sharmila counters these accusations by highlighting her brother's apparent disregard for their father's wishes regarding the distribution of assets among all four of his grandchildren. She asserts that the initial agreement, which involved her relinquishing some of her share in the interest of family harmony, was ultimately undermined by Mr. Reddy's actions. She criticizes his attempts to influence her political career by trying to insert clauses that would limit her public criticism of him and Avinash.
The NCLT is now tasked with resolving this complex family dispute, with a hearing scheduled for November 8th. This case serves as a stark reminder of the often messy realities of family dynamics, especially when intertwined with the complexities of political ambition and business interests. The outcome of this legal battle will not only determine the fate of the disputed assets but will also have a significant impact on the political landscape of Andhra Pradesh, particularly as the 2024 elections approach.
Source: No "Love, Affection"? Jagan Reddy, Sister Fight Over Crores In Land, Shares