NCLT allows Jagan's plea to cancel transfer of Saraswati Power shares to sister, mother
Hyderabad (PTI): In a relief to YS Jagan Mohan Reddy, the NCLT on Tuesday allowed a petition filed by the former Andhra Pradesh Chief Minister seeking a direction to cancel the "illegal transfer" of shares held by him and his wife in a company to his sister YS Sharmila and their mother.
In the petition filed on September 3, 2024, Jagan had sought the National Company Law Tribunal (NCLT) Hyderabad bench to cancel, annul and nullify the transfer of shares held by him and his wife Bharathi in the company and sought reinstating their names in Saraswati Power and Industries Pvt. Ltd.
"Jagan Mohan Reddy's petition has been allowed. We are waiting for the order copy. There are some directions also. The petition filed by Jagan Mohan Reddy contending that the transfer of shares in Saraswati Power has been allowed," the YSRCP chief's counsel Y Suryanarayana told PTI.
When contacted, K Devi Prasanna Kumar, Sharmila's advocate said they will file an appeal against the order either in Appellate Tribunal or High Court.
Jagan, Bharati and his mother Vijayamma hold about 74.26 lakh (29.88 per cent), 41 lakh ( 16.30 per cent) and 1.22 crore shares (48.99 per cent), respectively, in Saraswati Power, while the rest is with Classic Realty Pvt. Ltd.
The former CM had moved the tribunal on the issue after his relations with Sharmila strained. She is presently the chief of the Andhra Pradesh Congress unit.
In the petition, Jagan said he entered into a memorandum of understanding (MoU) with Sharmila wherein he said "out of love and affection," he would transfer shares held by him and his wife in the company through a gift deed to his estranged sister, subject to pending cases in respect of some properties, including attachments by the Enforcement Directorate.
The former CM said he intended to transfer the shares (Jagan's own property) in addition to Rs 200 crore that he, directly or through their mother, gave to his sister during the past decade.
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 MoU, saying, both the siblings are no longer on the best of terms.
"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 petitioners No. 1 and 2 (Jagan and Bharathi, respectively) in favour of respondent No. 2 (Sharmila) and the entire shareholding of petitioner number three (Classic Realty, owned by the family), herein in favour of respondent No. 3 (Vijayamma)," Jagan alleged in his petition.
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.
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 last year and was made the president of its AP unit. She unsuccessfully contested from Kadapa Lok Sabha constituency in the 2024 general elections.
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AIITA welcomes Karnataka’s ban on obscene songs in school events
Bhatkal: The Karnataka unit of the All India Ideal Teachers Association (AIITA) has welcomed the Karnataka government’s decision to strictly ban school children from dancing to obscene songs during educational and cultural programmes in government, aided, and private schools across the state.
AIITA Karnataka State President M. R. Manvi congratulated the government for taking what he termed an important step to preserve the sanctity of education.
“Such decisions to safeguard the dignity of school children and uphold the values of education are the need of the hour. This rule should not be limited to government schools alone but must be strictly implemented in all private educational institutions as well,” he said.
He further urged the government to address other concerns within school programmes.
“The government should not only prohibit obscene dances in the name of school anniversaries, but also ensure that plays and dialogues that incite religious hatred are avoided. Schools should be centres of harmony, not platforms for spreading hatred,” he added.
According to a recent circular issued by the Department of School Education and Literacy, obscene dances are adversely affecting the mental health and moral values of students.
In this regard, schools have been advised to use songs that promote nationalism, positive thinking, the greatness of Kannada culture, and value-based traditions instead of inappropriate content during programmes.
The circular also emphasises that students should be dressed in decent attire.
AIITA also backed the department’s warning that disciplinary action would be taken against head teachers if such guidelines are violated. The association has further demanded that district Deputy Directors of Public Instruction strictly monitor the implementation of these rules.
