Family Feud Unfolds in the Corridors of Power

In a significant development for former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, the National Company Law Tribunal (NCLT) provided relief on Tuesday by allowing his petition. The petition sought the cancellation of an 'illegal transfer' of shares, owned by him and his wife, from Saraswati Power and Industries Pvt. Ltd. to his sister, YS Sharmila, and their mother.

Jagan, through his counsel, stated they are awaiting the official order copy. Meanwhile, Sharmila's advocate, K Devi Prasanna Kumar, announced an impending appeal against the decision, likely in a higher court. The tribunal's decision comes amidst familial tensions that have erupted into a legal disagreement over company share ownership.

This petition was prompted by Jagan's claim that the share transfer lacked legal backing, averting potential adverse impacts due to incomplete legal clearances. The fallout has strained relations with his sister, Sharmila, who recently joined the Congress party, intensifying the sibling rivalry. Jagan had initially agreed to transfer shares as a gesture of goodwill, but mounting tensions led to the revocation of the agreement.

(With inputs from agencies.)