A long-standing property dispute between Y S Vijayamma (widow of late former chief minister Y S Rajasekhara Reddy) and her son – YSR Congress party president Y S Jagan Mohan Reddy has reached a crucial stage, with the National Companies Law Tribunal (NCLT) in Hyderabad reserving its judgement on Tuesday.
The dispute centers around the transfer of shares in Saraswati Power Plant located in Guntur district. Both Vijayamma and Jagan approached the Tribunal with claims over the shareholding.
Previously, when relations were cordial between Jagan and his sister Y S Sharmila, Jagan and his wife Bharathi transferred some of their shares in Saraswati Power to their mother, Vijayamma. The share transfer was thus completed.
However, as disputes later arose between Jagan and Sharmila, Jagan approached the NCLT alleging that the share transfer to Vijayamma was done illegally.
He claimed the assets, linked to ongoing CBI and ED cases, were transferred before the court rulings, which he contends is unlawful.
Vijayamma’s legal counsel countered that once shares are transferred, reversing that transfer requires mutual consent.
They argued that Jagan and Bharathi voluntarily gifted the shares to Vijayamma and cannot now claim them back. They also accused Jagan of making a conspiratorial attempt to reclaim the shares.
After hearing arguments from both sides, the Tribunal has reserved its judgment. However, the date of the verdict has not been disclosed.
This case has gained importance as it unfolds alongside the property rift between Jagan and Sharmila, and Vijayamma leaning in support of her daughter.
The Tribunal’s verdict is expected to have significant implications for both sides. If Vijayamma loses, it could be a major setback for Sharmila.
If Jagan’s petition is rejected, it may complicate his legal and political position.