HYDERABAD: Andhra Pradesh former CM YS Jagan Mohan Reddy has approached the Hyderabad bench of Nationwide Firm Regulation Tribunal (NCLT) towards his mom YS Vijayamma and sister YS Sharmila, urging it to cancel the July 6, 2024, switch of shares of Saraswati Energy and Industries Personal Ltd in favour of his mom.
Jagan has fallen out along with his mom and sister after Sharmila’s political foray in Andhra Pradesh.
A bench of judicial member Rajeev Bharadwaj and technical member Sanjay Puri issued notices to Vijayamma, Sharmila, Saraswati Energy and likewise to the Registrar of Firms in Telangana and different respondents, asking them to file their replies to Jagan’s petition. The bench adjourned the case to November 8 for additional listening to.
After his YSR Congress Occasion swept to energy in AP in 2019, Jagan had promised his mom and sister that he would switch a number of the shares in his corporations to them. He alongside along with his spouse Bharathi then registered a reward deed to this impact.
Jagan stated the MoU which he entered into along with his mom and sister with good intention is not going to stay in pressure since they disturbed the goodwill and sought nullification of the share switch completed in favour of his mom. “To show that my MoU and reward deeds are actual, I transferred all of the shares of Sandur Energy to Vijayamma in June 2021 as a goodwill gesture,” he claimed.
Later, a present deed was executed stating that the shares of Saraswati Energy too can be transferred after clearance from courts within the ED instances, Jagan defined. However with Sharmila making political forays into AP as a rival to him, Jagan stated it precipitated him misery. Stating that there was no goodwill, he conveyed his intent to nullify the MoU and reward deeds.
“The switch of shares in Saraswati Energy was completed behind my again,” Jagan stated, questioning the choice of the authorities in effecting such switch with out the beneficiaries producing any share certificates of the businesses that have been going through ED instances. The case, which was listed in NCLT on September 10, was filed underneath part 59 of Firms Act, which offers with rectification of the register of members.
Claiming that his mom and sister had damaged this belief by transferring the shares of Saraswati Energy of their favour with out informing him, Jagan sought instructions to the ROC to revive the shareholding sample to the earlier sample. Jagan maintained that the switch of shares was not lawfully permissible as a result of the corporate was going through ED instances and that there was a restraint order from the excessive court docket.
“Except all these instances are cleared, no lawful switch of shares is feasible,” he contended in his petition earlier than NCLT. “Even the discreet switch of shares effected by my mom and sister can be unlawful,” the ex-CM stated and sought a path from NCLT to this impact.
Jagan additional asserted that his late father, former chief minister YS Rajasekhara Reddy, settled all of the property points throughout his lifetime and the present belongings have been a results of his onerous work and energy. Conveying his modified thoughts, Jagan stated the reward deed that he executed was a mere manifestation of the intent and never the precise switch of shares.
