(Image source from: Twitter.com/YSRCParty)
The Reddy family is involved in a legal dispute over the transfer of shares in Saraswati Power and Industries Private Limited. Jagan Mohan Reddy and his wife Bharati are filing a petition with the National Company Law Tribunal (NCLT) against his sister Sharmila and mother Vijayamma. They claim that certain share transfers made in July 2024 were done without following proper legal procedures, such as using transfer forms and original certificates, which violates the Companies Act. Jagan and Bharati are requesting the NCLT to cancel the transfer of over 12 million shares from them to Vijayamma and other parties. The case involves several other respondents, and the next hearing is scheduled for November 8, 2024, where the tribunal will decide on the ownership and management of the company.
Jagan has taken legal action to prevent further changes to the company structure until the court case is resolved. This reflects both business and personal conflicts within the family. According to Jagan's petition, a 2019 agreement was initially intended to give Sharmila shares as a gesture of goodwill. However, due to political differences, Jagan later withdrew the offer. Jagan stated that Sharmila has hurt him with her actions and false public statements, causing significant personal and political harm. He confirmed that their relationship has deteriorated, and the affection between them has ended.
The rift between Jagan and Sharmila deepened during the Andhra Pradesh elections. Sharmila, who joined the Congress party, publicly criticized her brother and blamed him for the family's divisions. Her decision to merge her party with Congress further intensified their political rivalry. Additionally, Sharmila's independent political activities in Telangana, a state their family had previously opposed during the bifurcation movement, widened the divide between the siblings.
Sharmila had previously played a crucial role in supporting Jagan, especially when he was imprisoned in 2012. During this time, she undertook a 3,000-kilometer march to garner support for the YSR Congress Party (YSRCP). However, over time, Sharmila became marginalized within the party and did not contest any elections, leading to speculation about a growing rift between them. This tension escalated in January 2024 when Sharmila publicly accused Jagan of being responsible for the breakdown of their family. At a rally, she stated that Jagan alone was responsible for the family's separation, and that God and their mother, YS Vijayamma, were witnesses to this.
The family's discord can be traced back to the legacy of their father, YS Rajasekhara Reddy (YSR), who served as Chief Minister from 2004 to 2009. After YSR's death in a helicopter crash, Jagan founded the YSR Congress Party in 2011 and later became Chief Minister in 2019. However, his decision to exclude family members, particularly Sharmila, from positions of power within the party created tension within the family. Vijayamma's involvement in the current dispute has added another layer of complexity, reflecting how personal relationships within the YS family have become intertwined with their business and political ambitions.
