Brother vs sister, fight between Jagan Reddy and Sharmila over hundreds of crores

New Delhi:

Former Andhra Pradesh chief minister YS Jagan Mohan Reddy – along with his sister YS Sharmila Reddy – are at war over an inheritance worth crores, which includes shares in Saraswati Power and other companies (worth about Rs 19,000 each as of Thursday afternoon) and 20 acres of land. Is included. In Yelahanka, a suburb of Bengaluru.

The siblings' dirty laundry came into limelight this week when they exchanged letters – one invoking the spirit of their late father, former chief minister YS Rajasekhara Reddy, while the other described the other as “deceitful (and) extremely hurtful”. ” Accused of actions and belittled them. Memory of his father.

Jagan Reddy and Sharmila Reddy were once colleagues; Ms Reddy campaigned hard for her brother's YSR Congress in the June 2012 assembly by-elections, in which the party won 15 out of 18 seats. He also campaigned for the YSRCP ahead of the 2019 assembly elections, which Jagan Reddy won in a landslide victory.

However, cracks in the relationship soon became apparent. In 2021, Ms Reddy formed her own YSR Telangana Party, which merged with the Congress ahead of the April-June general elections.

Ms Reddy was made the Andhra chief of the Congress, leading to a direct fight with her brother.

The brother versus sister dispute has also turned into a legal battle after Mr Reddy wrote to the National Company Law Tribunal to warn of the “illegal” transfer of shares in Saraswati Power.

Jagan's August letter

Mr Reddy has claimed that the shares were “given to me in trust by a gift deed” and that he had “gifted” them to his mother, YS Vijayalakshmi, “with the understanding that the transfer… would take place after court approval. will (and will) further with the execution of appropriate documentation…”

But these shares, the former chief minister instigated in his letter – in which he professed his “love and affection” nine times in two pages – were shared by his sister in a “fraudulent manner (that) creates potential legal implications for her” herself. Was transferred to. Me”. These shares, he said, will now “revert to me as the original and continuing owner and beneficiary of the interest…”

Read | Property dispute between Jagan Reddy, sister now legal battle

The YSR Congress boss also canceled the MoU signed in 2019 – in which he had written about his intention to transfer certain properties to you “because of the love and affection I had for you as my brother-sister at one time.” Will be transferred to.” in the future”. Mr Reddy said, adding that his letter was to formally inform his sister

“I have no intention of acting on my original intention as expressed in the MOU…”

Sharmila's September Answer

A few weeks later Ms Reddy wrote to “Jagan Anna (elder brother)” and expressed “serious objections”, highlighting her father's “explicit” instructions that “all properties acquired from family resources during his lifetime To be divided equally among his four grandchildren”.

Ms Reddy accused her brother of agreeing to that commitment when their father was alive, but “after our late father's death you refused…” she said, adding that their mother was witness to his promise.

Read | “I am worried about my brother's mental condition”: YS Sharmila jabs Jagan Reddy

Ms Reddy also appeared to mock her brother over the “love and affection” protest, saying any transfer of property under such claims and was “only a partial fulfillment” of their father's wishes listed in the MOU. He said he had allowed them to “bulldoze” him while retaining majority shares in Bharti Cements and Sakshi, and had reached an agreement for the transfer of the assets “at a time in the future”.

Read | Sister Sharmila says Jagan Reddy is not YS Reddy's successor

He rejected their intention to cancel the MOU, saying it had no legal authority.

“You have done what our dear father would never have thought of…filed cases against your beloved wife (our mother) and daughter (yourself) to deprive your family of their legitimate share…”

On the thorny issue of Saraswati Power shares, Ms Reddy claimed that the intention was to make the transfer on signing of the MoU “but you (Jagan Reddy) failed to fulfill this promise for many years…”

The MOU is a “continuous and binding document”, Ms Reddy said, adding that her brother informing her of her intention to withdraw from it “has no legal significance”. “I will hold you responsible for the execution of each condition”.

“My career, my choice”

YS Sharmila Reddy also criticized her brother for apparently trying to “dictate the terms of my professional conduct”, and suggested that his separation from the YSR Congress would be “controversial to all our grandchildren of (our) beloved father”. -Instructions for granddaughters” may have any impact. have equal shares in the property”.

NCLAT summons

The tribunal has issued notice to all concerned parties on the plea for transfer of shares of Saraswati Power and fixed November 8 as the next date of hearing.

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