NCLT Ruling: Jagan's Share Transfer Cancellation Triumph

In a significant legal victory for YS Jagan Mohan Reddy, the NCLT has annulled the contested transfer of shares in Saraswati Power and Industries Pvt. Ltd., a move initially made to his sister, YS Sharmila.

Reddy, the former Andhra Pradesh Chief Minister, and his wife Bharathi sought this recourse in the Hyderabad bench of the National Company Law Tribunal, challenging the legality of the transfer influenced by familial disagreements.

The decision, which comes amid escalating tensions within the family, may face appeals, with Sharmila's counsel indicating plans to contest in higher judiciary courts. Meanwhile, Sharmila has transitioned into a political role with the Andhra Pradesh Congress.

(With inputs from agencies.)