Jagan accuses Sharmila of 'illegally' transferring shares, moves tribunal saying "no love left"
Hyderabad (PTI): YSRCP chief YS Jagan Mohan Reddy has moved the NCLT accusing his sister and AP Congress president YS Sharmila of illegally transferring shares of Saraswati Power and Industries holding by him and his wife Bharathi, on her and their mother Vijayamma's name.
The feud between Jagan and Sharmiala took a new turn in the form of the legal battle with the petition filed last month in the Hyderabad Bench of National Company Law Tribunal being taken up and posted to November for further hearing.
In the petition, Jagan said he entered into an MoU with Sharmila wherein he said that "out of love and affection" would transfer his and his wife's shares of Saraswati Power and Industries through gift deed to his estranged sister, subject to pending cases in respect of some properties including attachments by the Enforcement Directorate.
Jagan in a letter to his sister opined that the share transfer without fulfilling the legal obligations and clearance from court would potentially have adverse implications.
He, however expressed his desire to revoke the memorandum of understanding saying, "it is no secret that we are no longer on the best of terms, and in view of this changed situation, I wanted to formally intimate you and put you on notice that I have no further intent to act upon my original intent as expressed in the MoU."
Jagan said the properties, acquired by their father, former chief Minister YS Rajasekhar Reddy and the ancestral ones, were divided among the family members.
He intended to transfer the shares (Jagan's own property), in addition to Rs 200 crore he, directly or through their mother, gave to his sister during the past decade.
The former chief minister in his petition said he and Sharmila entered into a MoU on August 31, 2019 wherein he will transfer his and Bharathi's shares to his sibling at a later date after completing due process "unrelated to any consideration and purely out of love and affection".
"It is humbly submitted that to the utter shock and surprise of the petitioners…respondent No 1 (Saraswati Power and Industries) company wide board resolution has transferred the entire shareholding of petitioner no 1 and 2 (Jagan and his wife, respectively) in favour of respondent no 2 (Sharmila) and entire shareholding of petitioner number three (Classic Realty, owned by the family), herein in favour of respondent No 3 (Vijayamma)..." Jagan alleged.
The YSRCP chief said Sharmila, without gratitude and regard to the well-being of her brother, conducted a series of actions that deeply hurt him and that she also made several untrue and false statements publicly.
She also conducted actions that have not only been politically opposed to Jagan but are also blatantly untrue and have caused deep personal dissemination to him, Jagan said in his petition.
"The actions of Respondent No 2 (Sharmila) herein have strained the relationship between the siblings and have further resulted in melting down of all the love and affection the brother had for his sister," his petition said.
Due to actions by his sister, there is "no love left between the two siblings", and he decided not to proceed with his expression of intent to transfer the shares/properties as envisaged under the MoU and gift deed.
After differences cropped up with his brother, Sharmila joined the Congress party earlier this year and was made the president of its Andhra Pradesh unit. She unsuccessfully contested from Kadapa Lok Sabha constituency in the May general elections.
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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
